Nederlandse Waterschapsbank

Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.

A trio of public sector borrowers ventured beyond the 10 year part of the euro curve on Wednesday — but only two were able to return with cash after one Dutch agency appeared to steal another's thunder.

Size is still coming at a price for SSA borrowers, with European Investment Bank paying a slightly elevated new issue premium for a $4bn five year on Tuesday. Despite this, bankers said a second trade from Erste Abwicklungsanstalt confirmed the market is in robust health.

The higher level of new issue premium SSAs have to pay in dollars is set to be showcased this week, after a pair of European borrowers hit screens on Monday with benchmarks in the currency.

GlobalCapital's European SRI roundtable for 2015 brought together issuers, investors and bankers to discuss how to tackle the capital markets challenges of sustainable and responsible investment.

One of the biggest borrowers in the public sector capital markets is gearing up to test demand in the belly of the euro curve, two days after a less than ecstatic investor response to a 10 year from Finland.

Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.

Nederlandse Waterschapsbank, which raised $600m at the short end of the dollar curve on Thursday, is considering the currency for its next green effort.

The European Financial Stability Facility is set to create a new pricing benchmark on Tuesday — but the latest Greek worries could make conditions turbulent.

Nederlandse Waterschapsbank drew strong demand for its longest ever dollar benchmark on Thursday, after it joined Inter-American Development Bank in the seven year part of the curve this week.

A Dutch agency has mandated for a seven year dollar benchmark, following a deal from Inter-American Development Bank in the same tenor that drew strong demand.

A Dutch agency picked up £250m on Wednesday with its first visit to the sterling market in nearly a year.