Germanics come out in force for ING and Raiffeisen

03 Jul 2012

German and Austrian accounts showed their support for core European jurisdictions on Tuesday, dominating allocation in ING’s three year and Raiffeisen Bank International’s five year senior unsecured issues. Both deals were outperforming the rest of the senior market on Wednesday, and bankers were full of praise for what they saw as textbook execution in both cases. Some said the deals had paved the way for supply later in the week.

German accounts bought 30% of ING’s deal. French buyers also showed their support, taking 23%. UK and Irish accounts bought 12%, with the remainder distributed throughout Europe and Asia.

“There were few surprises in terms of allocation,” said a banker involved in the deal, which was managed by BNP ...

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