Commentary & Deal Flow

Nederlandse Waterschapsbank NV (Ticker: NEDWBK), rated Aaa (Moody's) / AAA (S&P), has mandated BofA Securities, Crédit Agricole CIB, NatWest and SEB as Joint Lead Managers for a new Reg S Bearer 7yr €1bn WNG Water Bond (Green Bond) Benchmark.

The issuer has ESG ratings of Prime, B (ISS-ESG) and 8.0 Negligible Risk (Sustainalytics). The framework received a Dark Green assessment from S&P and is aligned with ICMA Green Bond Principles 2025.

The transaction is expected to be launched in the near future subject to market conditions. The target market for the Bonds is eligible counterparties and professional investors, each as defined in MiFID II / UK MiFIR (all channels for distribution of the Bonds are appropriate). ICMA/FCA stabilisation.