Bank Nederlandse Gemeenten €423.8 million AT1 notes issue

Overview:

• Bank Nederlandse Gemeenten (BNG) has issued €423.8 million in additional tier 1 (AT1) notes.
• This is BNG's debut Basel III/CRD IV compliant hybrid capital issuance.
• BNG is a wholly Dutch Government owned lender to the Dutch public sector. It is one of the largest issuers in the Netherlands. 
• The AT1 instruments were privately placed in two tranches with Dutch regional and local governments. 

Wai Yee Tsang - Journalist