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Commentary & Deal Flow

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by Anna Tkachenko

May 28, 2026 5:16 AM ET

LAUNCHED: NWB Bank €1bn 7yr Green Sr Unsec; MS+19bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
NWB Bank	7yr	03-Jun-33	€1bn	Sr Unsec	Fixed	MS+22a	MS+19

Launched: 7yr: €1bn @ MS+19bp - Books over €2.6bn incl €150m JLM interest
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
ISIN: XS3398041338
Format: Reg S, Bearer, Senior Unsecured
Size: €1bn
Coupon: Fixed, Annual, ACT/ACT, short 1st coupon
Settlement: 04-Jun-26 (T+5)
Maturity Date: 03-Jun-33
Spread: MS+19bp
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 to close at 10.45 UKT / 11.45 CET