Bank Nederlandse Gemeenten
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Six months into the life of MiFID II, a new regulation that had many in the capital markets sweating over just how onerous their lives were about to become, some public sector borrowers have claimed that not only has the implementation of the regulation been simple, but in several ways it has been beneficial. That is not the universal view, however, with some borrowers still experiencing minor headaches. -
KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.
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Bank Nederlandse Gemeenten this week capitalised on movements in short end dollar rates to print its largest trade in nearly two years. It was the solitary dollar benchmark this week, but with the Chinese New Year holidays out of the way and Asian investors back at their desks, bankers expect supply to pick up next week and for the very short end to still be the place to be.
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Bank Nederlandse Gemeenten on Wednesday sold its largest bond in nearly two years, as underlying rate dynamics allowed the issuer to offer a juicy spread over US Treasuries and an attractive yield to investors.
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Bank Nederlandse Gemeenten will reopen the dollar market for SSAs after a US public holiday on Monday — but is very much keeping to a trend set in the currency last week.
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This week's funding scorecard looks at the progress Europe's supranational and agency borrowers have made in their funding programmes.
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The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.
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A pair of dollar deals on Wednesday showcased what bankers felt was a theme during a week with a volatile market backdrop, as a top tier name tightened pricing and was comfortably oversubscribed, while a second tier issuer was able to get a deal away but could not move in from price thoughts.
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Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.
