Bank capital deals fly as issuance volumes begin to fall

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By Tyler Davies
19 Nov 2020

Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.

The two banks benefited from a fresh surge in risk appetite, with credit investors reacting to developments in the search for a Covid-19 vaccine. 

Moderna announced positive results from its vaccine trials on Monday, following a similar announcement from Pfizer and BioNTech last week.

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