UniCredit Bank Austria issues third deal of year

By Bill Thornhill
15 May 2014

Bank Austria opened books on Thursday morning for its third covered bond deal of the year, a €500m seven year public sector Pfandbrief. Despite pricing flat to its curve the deal received one of the highest levels of oversubscription for any Austrian deal in the last two years.

The issuer mandated Crédit Agricole, Danske Bank, HSBC, LBBW and UniCredit on Wednesday, drawing on the success of Swedbank’s deal.

“Swedbank’s deal went very well and the market is witnessing exceptionally strong conditions, which the issuer was keen to take advantage of,” one of the leads told ...

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