New Issue: NWB prices $1 billion of 2.25% notes due 2022 at 49.75 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 23 – Nederlandse Waterschapsbank NV (Aaa/AAA) priced $1 billion of 2.25% five-year dollar-denominated notes on Thursday at a spread of 49.75 basis points over Treasuries, according to a market source.

The notes were talked to price in the mid-swaps plus 39 bps area.

BofA Merrill Lynch, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. were the bookrunners for the Rule 144A and Regulation S offering.

The local government funding agency is based in The Hague, The Netherlands.

Issuer:	Nederlandse Waterschapsbank NV
Amount:	$1 billion
Description:	Notes
Maturity:	March 2, 2022
Bookrunners:	BofA Merrill Lynch, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Scotia Capital (USA) Inc.
Coupon:	2.25%
Spread:	Treasuries plus 49.75 bps
Trade date:	Feb. 23
Ratings:	Moody’s: Aaa
	S&P: AAA
Distribution:	Rule 144A, Regulation S
Price guidance:	Mid-swaps plus 39 bps area

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