Bank Nederlandse Gemeenten
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A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year. -
Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.
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The Flemish Community of Belgium was twice covered for its debut sustainability bond on Monday, following the completion of a pan-European roadshow last week. Meanwhile, Bank Nederlandse Gemeenten has added to the SRI pipeline after mandating banks for its second sustainability trade of the year.
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A quartet of public sector borrowers brought small dollar deals this week that were fine but unspectacular, which SSA bankers said was down to a confluence of factors. There are hopes that with the market likely quiet next week for the US mid-term elections and Federal Open Market Committee meeting, conditions could return to their best for the albeit limited funding windows left in 2018.
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The Netherlands plans to join the burgeoning list of sovereign green bond issuers and could become the first triple-A rated country in the group. Whether the bond will be via syndication or the country's preferred auction method has yet to be decided. Meanwhile, two of the country’s public sector SRI borrowers were busy in the format this week.
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Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.
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The hefty chunk of SRI bond supply from the public sector in the second half of the year shows no signs of slowing down, with plenty in the pipeline — including from a debut issuer.
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Bank Nederlandse Gemeenten mandated banks on Tuesday to arrange a series of investor calls for its first sustainability bond of the year.
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Bank Nederlandse Gemeenten (BNG) is keeping a close tab on the Kangaroo bond market, following the sale of a curve-extending euro bond this week that is likely to complete the issuer’s benchmark funding for 2018.
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Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.
