Bank Nederlandse Gemeenten

Tight swap spreads ticked even tighter on Friday, a day after the Federal Reserve unveiled QE3. The swap will make it hard for sub-Libor issuers to offer an attractive spread over Treasuries.

Several borrowers are working on dollar deals for as early as next week, SSA Markets understands. Dollars is set to be the go-to currency for benchmark issues in coming weeks. Tight swap spreads are putting investors off across the board but the central bank bid will support dollar deals.

Next week the issuance calendar looks less like a pipeline and more like a bunfight. The pressure’s on to get funded ahead of a messy September, and borrowers will be tempted to cram deals in. But they must be cautious.

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.

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

Bank Nederlandse Gemeenten (BNG) tapped its 2.375% five year Canadian Eurobond on Tuesday. This marks the start of further loonie activity according to bankers.

Nordic Investment Bank (NIB) priced a Nkr1bn ($.13bn) five year on Tuesday. However, SSA issuance in the currency has depleted this year as investor have chased yields moving from supranational to corporate issuers.

Bank Nederlandse Gemeenten (BNG) is looking at funding through Norwegian krone, New Zealand dollars and the Kangaroo market opportunistically, having had a busy few weeks in sterling.

Strong bank treasury and official institutional demand allowed the European Investment Bank to print a £1bn tap on Friday. It is the latest in a series of blockbuster trades in sterling this week.

Bank Nederlandse Gemeenten (BNG) has joined FMS Wertmanagement and Nederlandse Watershapsbank in taking advantage of the strong bid for sterling assets this week. It priced a £250m December 2018 bond on Thursday at 123bp over the Gilt.

Nederlandse Waterschapsbank (NWB) has sold its first New Zealand dollar Eurobond since 2008. The issuer moved after secondary levels in comparable bonds had tightened strongly.