New Issue: Nederlandse Waterschapsbank sells $1 billion of 3% notes due 2021 at 6 bps spread

By Cristal Cody

Tupelo, Miss., Nov. 15 – Nederlandse Waterschapsbank NV (Aaa/AAA/) priced $1 billion of 3% senior notes due Dec. 21, 2021 on Thursday at mid-swaps plus 6 basis points, or a spread of Treasuries plus 22.45 bps, according to a market source.

The notes were initially talked to price in the mid-swaps plus 7 bps area.

Daiwa Capital Markets Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC were the bookrunners.

The local government funding agency is based in The Hague, the Netherlands.

Issuer:	Nederlandse Waterschapsbank NV
Amount:	$1 billion
Description:	Senior notes
Maturity:	Dec. 21, 2021
Bookrunners:	Daiwa Capital Markets Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC Coupon:	3%
Spread:	Mid-swaps plus 6 bps, or Treasuries plus 22.45 bps
Trade date:	Nov. 15
Ratings:	Moody’s: Aaa
	S&P: AAA
Distribution:	Rule 144A, Regulation S
Price talk:	Mid-swaps plus 7 bps area

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