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Commentary & Deal Flow

NEW ISSUE: NWB Bank €1bn (WNG) 7yr Green Sr Unsec; MS+22a

IGC European Market: Deal Flow - SSA

Issuer

Term

Maturity

Size

Ranking

Type

Guidance

NWB Bank

7yr

03-Jun-33

€1bn (WNG)

Sr Unsec

Fixed

MS+22a


Guidance: 7yr: MS+22a

  • Issuer: Nederlandse Waterschapsbank NV
  • Issuer Ratings: Aaa/AAA (Moody's/S&P)
  • ESG Ratings: Sustainalytics (8.0, Negligible Risk), ISS ESG (B Prime)
  • Issuer LEI: JLP5FSPH9WPSHY3NIM24
  • Format: Reg S, Bearer, Senior Unsecured
  • Size: €1bn (WNG)
  • Coupon: Fixed, Annual, ACT/ACT, short 1st coupon
  • Settlement: 04-Jun-26 (T+5)
  • Maturity Date: 03-Jun-33
  • Guidance: MS+22bp area
  • Listing: Luxembourg
  • Governing Law: Dutch
  • Denominations: 100k+1k
  • Docs: The issuer’s €75bn Debt Issuance Programme
  • Bookrunners: BofA, Crédit Agricole CIB, NatWest, SEB
  • Use of Proceeds: The proceeds of the Notes will be exclusively used to fund the Issuer’s lending to the Dutch water authorities according to the Issuer’s Green Bond Framework
  • Timing: Books open, today's business