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The European Financial Stability Facility (EFSF) priced on Thursday a €5bn 10 year benchmark as it starts to build a new curve of tappable benchmarks. The deal came at the tight end of guidance having attracted a hefty order book despite heavy SSA supply in the euro market already this week.
Bank Nederlandse Gemeenten (BNG) has announced a five year euro mandate. The deal comes just as SSA bankers await the announcement of a deal from the European Financial Stability Facility (EFSF).
The future looks set to be one of smaller but more frequent deals for supranational borrowers if Tuesday’s prints from the Inter-American and Asian Development Banks are anything to go by. Both borrowers opened books on new global format benchmarks in the morning with pricing expected later in the day. Meanwhile, Bank Nederlandse Gemeenten tested the notoriously tricky 10 year maturity following KfW’s success with a similar deal last week.
German agency, KfW on Tuesday followed Monday’s prelude from Bank Nederlandse Gemeenten with the first full orchestra euro benchmark of the year. The deal will be €5bn in size but will still be priced at the tight end of guidance.
Dutch agency Bank Nederlandse Gemeenten (BNG), is taking advantage of its low funding needs to ratchet in the pricing of new debt. The agency is within spitting distance of its annual funding target, expects to have to raise even less next year and is looking for keenly priced reverse enquiries.
Bank Nederlandse Gemeenten was set to price a $2.25bn five year at the tight end of guidance on Thursday afternoon, marking another blow-out for a European agency in a market where investors are falling over themselves to buy high quality credits that offer a spread over US Treasuries.
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.
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.
KfW proved to be a stalwart Kangaroo borrower this week when it priced a A$350m ($352.8m) tap of its 5.5% February 2022s on June 15– the first deal since mid-May in a market bearing blows from the acute turmoil surrounding the Eurozone periphery in recent weeks.
A blow-out seven year from Bank Nederlandse Gemeenten (BNG) on Wednesday proved resoundingly that the market is receptive to top quality names despite — or perhaps because of — intense concerns about Spain and its banking system. As investors are wracked with uncertainty, a rock solid credit like BNG proved to be just what they were looking for.
Bank Nederlandse Gemeenten (BNG) sold its first Kangaroo bond after a near nine month break from the Australian market on Wednesday, spying an opportunity to return with a high-yielding 10 year deal after receiving reverse enquiry for that tenor.
Borrowers and their dealers are increasingly nervous about issuance in the first quarter of 2012 as faith in the ability of the European policymakers to reach an accord before the traditionally busy opening in January diminished ahead of the summit on Thursday.
This week’s Eurozone crisis summit is unlikely to satisfy investors and end the volatility that has paralysed markets in recent weeks, bond players said on Thursday afternoon. Key steps including committing to an aggressive European Central Bank buying programme, clarifying fiscal union and transforming the European Financial Stability Facility into a bank seem remote amid continuing political wrangling.