SEB acted as sole manager when NWB Bank (Nederlandse Waterschapsbank N.V.) successfully issued its first social bond in Swedish krona.
Last week, NWB Bank issued a five-year, SEK 600m social bond – its first issuance in Nordic currency since 2019. The transaction followed a recent investor trip to the Netherlands, hosted by NWB Bank and arranged by SEB.
The trip provided investors with insights into NWB Bank’s funding activities and included site visits to water infrastructure projects in Delft and social housing projects in Amsterdam. As a result, the bond issuance was driven by demand by some of the Nordic institutional investors who participated in the tour, namely Handelsbanken Fonder, SEB Asset Management and Swedbank Robur.
“This transaction demonstrates great Nordic investor engagement around high quality social bonds from highly rated public sector issuers”, said Ben Powell, Head of SSA, Fixed Income at SEB.
He added that SEB was pleased to support NWB Bank in bringing them back to the Swedish krona market and in highlighting the clear and measurable social benefits of the projects they support with.
“The successful issuance highlights both the depth of the Nordic sustainable bond market, well-recognised social standing of NWB bank and the value of direct investor engagement”, said Tiemo Wesseling, head of Treasury at NWB Bank.
Proceeds from the issuance will be allocated in line with NWB’s Social Bond Framework, financing projects that contribute to affordable housing and essential public infrastructure.
NWB Bank is a Dutch public-sector bank that provides financing to water authorities, municipalities, housing associations and other government-backed entities in the Netherlands. Founded in 1954 and owned by Dutch public authorities, the bank holds AAA/Aaa credit ratings and has a strong focus on sustainability and climate resilience.