| Issuer: | FMO (The Dutch Entrepreneurial Development Bank) |
| Rating: | AAA (stable) by S&P / AAA (stable) by Fitch |
| Size: | USD 500 million ‘no-grow’ |
| Pricing Date: | 7th January 2026 |
| Settlement Date: | 14th January 2026 |
| Maturity: | 14th August 2028 |
| Coupon: | 3.500%, Annual, 30/360, short first coupon |
| Re-offer Spread to SOFR MS: | +25 bps |
| Re-offer Spread to Treasuries: | +10.7 bps |
| Re-offer Price: | 99.792% |
| Re-offer Yield: | 3.560% s.a./ 3.592 % a. |
| Lead Managers: | BNP Paribas, BofA Securities, Citi, HSBC |
• On Wednesday 7th January 2026, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), rated AAA/AAA (S&P/Fitch), priced a successful USD 500 million ‘no-grow’ 2.5-year senior unsecured benchmark at SOFR MS+25bps from Initial Price Thoughts (“IPTs”) of SOFR MS+28bps area, and Revised Guidance of SOFR MS+26bps area.
• The successful transaction represents FMO’s first fixed rate benchmark of the year.
• The mandate was announced on Tuesday 6th January at 16:02 CET with IPTs released simultaneously at SOFR MS+28bps area.
• On the back of strong indications of interest (“IOIs”) in excess of USD 775 million, books officially opened on Wednesday 7th January at 09:22 CET, with price guidance of SOFR MS+28bps area.
• The orderbook continued to grow throughout the morning and was in excess of USD 1.6 billion at around 10:57 CET. Given the high quality and size of the order book, the decision was taken to tighten the spread by 2 basis points and revise guidance to SOFR MS+26bps area.
• Despite the spread tightening, the bookbuilding continued with books closing in excess of USD 1.7 billion, allowing FMO to tighten by a further 1 basis point and set the spread at SOFR MS+25bps – an impressive 3 basis points tighter than initial guidance and over 3 times oversubscribed.
• The transaction ultimately priced at 15:34 CET at an equivalent spread of +10.7bps over Treasuries and an annual coupon of 3.500%.
• In terms of geographical distribution, the transaction was broadly diversified across Asia (35%), Americas (34%), EMEA (31%). In terms of investor type, Central Banks & Official Institutions were the largest investor component taking 68% of final allocations, supported by strong participation from Banks & Bank Treasuries (29%) and Fund Managers, Insurance & Pension Funds (4%).
• The broad and global distribution of this transaction is testament to FMO’s support within the global investor community.
Distribution statistics:
