Nederlandse Waterschapsbank

Nederlandse Waterschapsbank mandated three banks to run a three year dollar deal on Monday, thumbing its nose at any volatility caused by a bailout package for Cyprus announced at the weekend [see separate story].

Nederlandse Waterschapsbank is likely to issue a three year next week to capitalise on strong demand from reserve managers and bank treasuries for short dated dollar assets. The appetite for three year dollars was unabated on Wednesday with FMS Wertmanagement receiving $2.6bn of orders for a $2bn deal in just under two hours of formal bookbuilding, and this despite $4.5bn of similar supply from the Bank of England and Asian Development Bank in the past two days.

The Italian treasury has wasted no time in returning to the syndicated benchmark market this week by awarding four banks the mandate for a new bond, following a stellar opening week for SSAs. Meanwhile, the European Financial Stability Facility (EFSF) has also elected to return to the new issue market and other borrowers will not be far behind, say senior bankers.

Nederlandse Waterschapsbank (NWB) issued its first Kangaroo debt in six years on Thursday. The issuer hopes that it will be able to bring further Kangaroo bonds in 2013 on the back of investor interest in the superior yields generally on offer in Australian dollars.

Hopes that yields on callable zeros could be on an upward march after months of declines may have been dashed after 30 year dollar swap levels fell on Thursday.

Bank Nederlandse Gemeenten (BNG) priced a 10 year benchmark on Tuesday morning at a wider level than it sounded investors at a day before. The deal fell short of subscription but bankers believe investors will still welcome new issues.

Bank Nederlandse Gemeenten (BNG) is following hot on the heels of a blowout from Nederlandse Waterschapsbank (NWB), mandating four banks on Monday to run a 10 year euro trade. The leads will launch BNG’s benchmark on Tuesday morning.

Nederlandse Waterschapsbank printed a €1.5bn seven year note on Friday at the tight end of initial guidance. The deal’s reception could tempt other SSA borrowers to try benchmarks this month ahead of what could be a volatile September.

It has seemed crazy that so many issuers were prepared to sit the summer out given the benign market conditions in recent weeks.

Nederlandse Waterschapsbank (NWB) capitalised on the summer’s dwindling Swiss franc supply, especially at the long end of the curve in the SSA space, to price aggressively a 15 year bond on Thursday through its euro and Swiss franc secondary market levels.

The EIB and Nederlandse Waterschapsbank (NWB) tapped Nordic currency lines on Wednesday as international investors scurry for Scandinavian currency safe haven paper.

Nederlandse Waterschapsbank (NWB) used an opportunistic private placement to print its largest Australian dollar deal of 2012 — and similar deals from the issuer could be on the cards in the coming weeks.