Bank Nederlandse Gemeenten
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Bank Nederlandse Gemeenten is braving the dollar bond market during the Federal Open Market Committee on Wednesday, as it takes indications of interest for a $250m tap of its March 2022 floater. -
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Sweden has joined the throng of SSA borrowers making up for the dollar market's weak start to the year, bringing its first deal in the currency for over a year. It follows a trio of new issues that achieved tight spreads.
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Investors were keeping cash from the private debt markets this week, though borrowers that have a definite issuance plan have been able to continue with their strategies.
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High grade bond markets have made a flying start to the year, defying the expectations of a bear market in fixed income following the end of the European Central Bank’s asset purchase programme and tightening of monetary policy in the US. Instead of the expected cautious tone, investors have been fuelling record order books, big deals and strong performance in the secondary markets, write Burhan Khadbai and Nigel Owen.
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Bank Nederlandse Gemeenten received its biggest ever order book in euros for a 10 year benchmark on Thursday, allowing it to print its biggest size in the currency since 2016.
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Bank Nederlandse Gemeenten hit screens for its first euro benchmark of the year on Wednesday. The deal will be closely watched by the market as an important reference for what the environment looks like for the smaller euro public sector borrowers in 2019.
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Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.
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The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.
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The dollar market for public sector borrowers begins in earnest on Wednesday with a pair of borrowers out with benchmarks and bankers confident the deals will go well thanks to a demand/supply imbalance. The trades follow a small floater tap from a supranational on Monday that was the first syndicated deal of the year in the currency.
