Nederlandse Waterschapsbank

The Italian treasury has wasted no time in returning to the syndicated benchmark market this week by awarding four banks the mandate for a new bond, following a stellar opening week for SSAs. Meanwhile, the European Financial Stability Facility (EFSF) has also elected to return to the new issue market and other borrowers will not be far behind, say senior bankers.

Nederlandse Waterschapsbank (NWB) issued its first Kangaroo debt in six years on Thursday. The issuer hopes that it will be able to bring further Kangaroo bonds in 2013 on the back of investor interest in the superior yields generally on offer in Australian dollars.

Hopes that yields on callable zeros could be on an upward march after months of declines may have been dashed after 30 year dollar swap levels fell on Thursday.

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.

Nederlandse Waterschapsbank printed a €1.5bn seven year note on Friday at the tight end of initial guidance. The deal’s reception could tempt other SSA borrowers to try benchmarks this month ahead of what could be a volatile September.

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

Nederlandse Waterschapsbank (NWB) capitalised on the summer’s dwindling Swiss franc supply, especially at the long end of the curve in the SSA space, to price aggressively a 15 year bond on Thursday through its euro and Swiss franc secondary market levels.

The EIB and Nederlandse Waterschapsbank (NWB) tapped Nordic currency lines on Wednesday as international investors scurry for Scandinavian currency safe haven paper.

Nederlandse Waterschapsbank (NWB) used an opportunistic private placement to print its largest Australian dollar deal of 2012 — and similar deals from the issuer could be on the cards in the coming weeks.

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) tapped a long-dated deal at ultra tight levels on Wednesday. The trade follows a sterling benchmark the day before. The issuer is looking to print opportunistic deals ahead of printing up to two benchmarks after the summer.