EUR 1.5 billion benchmark issue
Nederlandse Waterschapsbank N.V. (NWB), a AAA/Aaa rated public sector bank, has launched a EUR 1.5 billion 5-year issue. It is NWB’s third euro benchmark transaction of 2008.
The transaction represents the first non government guaranteed agency issue since the recent wave of government guaranteed bank transactions that have come to the market. Consequently, it represents a breakthrough transaction for the market. It also reflects the strength of NWB’s support among the highest quality institutional investors.
The bond, which was issued under the EUR 40 billion EMTN programme, will be repaid in full on 21 November 2013. The settlement date is 21 November 2008. The joint lead managers are Credit Suisse, BNP Paribas and The Royal Bank of Scotland.
The coupon is 4.25% and the re-offer price is 99.929%. The bonds will be listed on the Luxembourg Stock Exchange.
The Hague, 17 November 2008
