Bawag trades up as market digests supply
Austria’s Bawag (Bank für Arbeit und Wirtschaft) printed its first tier two deal on Wednesday and was rewarded on Thursday by a strong secondary market performance, after being convinced to increase the size of the deal to accommodate demand.
Lead managers Citi, Goldman Sachs and JP Morgan went out with guidance of 8.5% area for a no-grow €250m 10 year bullet deal on Wednesday.
The issuer roadshowed for the deal in September but was forced to abandon its immediate issuance plans
when it could not find
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