The Netherlands
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Nederlandse Waterschapsbank plans to issue at least a quarter of its total funding next year with socially responsible bonds, according to a treasury official at the Dutch agency. -
ING completed a deal in the Tokyo Pro-Bond market this week, raising over $1bn equivalent on a week in which it could not find acceptable demand in dollars. It was also able to distribute notes to regional banks before debt counting towards total loss absorbing capacity (TLAC) weighs more heavily on those buyers’ balance sheets.
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At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
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The African Development Bank and Nederlandse Waterschapsbank were able to sell a pair of oversubscribed no-grow $500m socially responsible deals on Tuesday, despite tougher market conditions as the end of the year approaches.
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Nederlandse Waterschapsbank recorded a healthy average of 7.1 on BondMarker with its only dollar benchmark of the year.
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African Development Bank and Nederlandse Waterschapsbank hit screens on Monday for SRI bonds. Meanwhile, CPPIB Capital will aim to issue its first green bond in euros early next year, following the conclusion of a pan-European roadshow last month.
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Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.
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Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.
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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.
