Nederlandse Waterschapsbank
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NWB Bank lands all-time record book
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Both names drew large oversubscriptions despite bringing similar trades
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Projects for the rest of the year include a five year dollar deal
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German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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Both supply and demand are on the rise to support more long-dated paper
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BNG and NWB nipped in to take €1.5bn each ahead of large deals from European giants
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Relative value of Dutch agencies has lured investors
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The issuer is keen to add more duration to its funding for the rest of 2023
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Contrasting approaches as BNG takes tried and tested trade while Ned Waters flies solo
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‘Fatigue’ in the market could be hurting smaller issuers
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Dutch issuer planning long and short maturity trades
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Issuer forced to be content with minimum size planned priced in line with guidance
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Market gobbles up absorbs first roaring day of primary market trade in 2022
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Dutch agency adds to euro SSA supply with tightly priced 10 year bond
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See the progress Europe's supranationals and agencies have made in their funding programmes as we start the third quarter.
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Dutch agencies were active in core currency MTN markets earlier this week, including FMO, which sold its first currency-linked bond for almost a year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.
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Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.
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BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes in the middle of February.
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A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.
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The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.
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International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.
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The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.
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The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.
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While bankers in the Northern hemisphere plan well-deserved summer breaks, the Australian and New Zealand dollar markets are set to remain open for business, with some competitive pricing on offer.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies towards the end of June.
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Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.
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Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in early April.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of March.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 3. The source for secondary trading levels is ICE Data Services.
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Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.
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The public sector debt market has had a superb start to 2020, breaking records right and left in defiance of geopolitical tensions that, in previous years, would have scuppered the market as it left the dock, writes Lewis McLellan.
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Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
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A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.
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Running in parallel with the rapid growth of the green bond market have been the numerous labels for these bonds. But the abundance of green labels risks confusing investors and diluting an important vehicle to finance projects to clean up the planet.