Bawag hits reverse enquiry to resurrect tier two deal
Austria’s Bank für Arbeit und Wirtschaft, otherwise known as Bawag, rode the wave of positive sentiment in the FIG funding and capital markets on Wednesday to resurrect the tier two transaction it abandoned in September.
The bank conducted a European roadshow last month, organised by lead managers Citi, Goldman Sachs and JP Morgan, but decided there was not enough demand to bring a trade.
However, market conditions have improved considerably since last month, with the iTraxx subordinated financials index having tightened 26bp
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