Nederlandse Waterschapsbank

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

Nederlandse Waterschapsbank failed to get over the line with a benchmark offering in the belly of the curve on Monday, despite offering a new issue premium of several basis points. Bankers away from the deal suggested that the choice of maturity prevented the issuer from offering an attractive pick-up compared to recent deals from peers and expected supply.

Nederlandse Waterschapsbank (NWB) is expected to sell its last public deal of the year on Thursday afternoon, opting for a short dated dollar floater. Demand for the floating format could spike in the new year if investors think the US Federal Reserve will reduce its support for the country’s economy, said bankers.

Plenty of SSA issuers took a big bite out of their funding targets in the short window of issuance between the end of the summer and this week's FOMC meeting. Here we provide updated figures on selected European supranationals and agencies.

There may have been the odd stinker of a deal this year but it is hard to fault SSA borrowers as a group. They went after the money this year with aggression, front-loading programmes and bringing some spectacular deals. Some market watchers were looking forward to the autumn issuance season being something of a repeat of the first three months of the year, but it does not look like that will happen. And that is a good thing.

Nederlandse Waterschapsbank (NWB) extended its syndicated public bond curve in euros on Wednesday, pricing €500m of 18 year paper. The deal was targeted specifically at German insurers looking for long dated paper.

Nederlandse Waterschapsbank dipped into the Kangaroo market on Tuesday, selling a tap of 10 year bonds. The issuer was quick to take advantage of renewed demand for longer dated paper in the currency, with Japanese investors keen to reach down the credit curve.

Euro funding SSAs printed £1.19bn of sterling commercial paper on Monday, as an attractive euro/sterling basis swap helped issuers add to what has already been a record breaking year for the currency.

Following an unexpectedly heavy week of issuance from European supranationals and agencies, here are the updated funding scores for selected borrowers in the category.

A pair of issuers raised €3bn at the mid to long end of the curve on Tuesday, ahead of potential volatility at the end of the week caused by central bank meetings, US holidays and data releases.

Bank Nederlandse Gemeenten (BNG) may lead a small handful of issuers looking to print deals before investors pack their buckets and spades and head to the beach for the summer. The Dutch agency joins its compatriot Nederlandse Waterschapsbank (NWB) among the names that may well access public markets before August.

SSA bankers predicted that the week’s new issue supply could be confined to sovereign borrowers, as the volatility which engulfed markets late last week shows little sign of abating.