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Commentary & Deal Flow

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by Anastasiia Zaika

May 28, 2026 9:39 AM ET

PRICED: NWB Bank €1bn 7yr Green; MS+19bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
NWB Bank	7yr	3.000%	03-Jun-33	€1bn	Sr Unsec	Fixed	99.485	3.083%	MS+22a	MS+19	-3

Reoffer: 7yr: MS+19bp / 99.485 / 3.083%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 96.94 / B+27.7bp (HR 104%)

Final Books: Over €2.6bn (incl. €150m JLM interest)

Launched: 7yr: €1bn @ MS+19bp - Books over €2.6bn incl €150m JLM interest
Guidance: 7yr: MS+22a

Issuer: Nederlandse Waterschapsbank NV (Ticker: NEDWBK)
Issuer Ratings: Aaa (Moody's) / AAA (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
Settlement Date / Issue Date: 04-Jun-26 (T+5)
Maturity Date: 03-Jun-33
Reoffer: MS+19bps (3.083% / 99.485)
Benchmark: +27.7 bps vs DBR 2.3 15-Feb-33 TWIN @ 96.94 / 2.806% (HR 104%)
Coupon: 3.000% Fixed, Annual, ACT/ACT, short 1st coupon
Listing: Luxembourg
Governing Law: Dutch
Denominations: 100k+1k
Docs: The issuer’s €75bn Debt Issuance Programme
Bookrunners: BofA, Crédit Agricole CIB (B&D), 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: Priced, TOE 14.27 UKT, FTT Immediately