By Cristal Cody
Tupelo, Miss., Nov. 24 – Nederlandse Waterschapsbank NV, or NWB Bank, priced a $1 billion offering of 0.5% five-year senior notes (Aaa/AAA) on Tuesday at mid-swaps plus 9 basis points, or a Treasuries plus 15.7 bps spread, according to a market source.
The notes were initially talked to price in the mid-swaps plus 12 bps area.
BMO Capital Markets Corp., Daiwa Capital Markets Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC were the bookrunners for the Rule 144A and Regulation S transaction.
The local government funding agency is based in The Hague, the Netherlands.
| Issuer: | Nederlandse Waterschapsbank NV
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| Amount: | $1 billion
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| Description: | Senior notes
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| Maturity: | Dec. 5, 2025
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| Bookrunners: | BMO Capital Markets Corp., Daiwa Capital Markets Inc., Scotia Capital (USA) Inc. and TD Securities (USA) LLC
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| Coupon: | 0.5%
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| Spread: | Mid-swaps plus 9 bps, or Treasuries plus 15.7 bps
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| Trade date: | Nov. 24
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Mid-swaps plus 12 bps area
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