Austria
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Bank Austria UniCredit (Baca) and Bawag issued tightly priced and exceptionally well subscribed covered bonds this week, reflecting the scarcity of issuance from the region and in their chosen tenors. -
UniCredit Bank Austria (Baca) was set to issue its fastest growing, most subscribed covered bond ever on Tuesday and Sparebank 1 Boligkreditt was posed to bring ts most subscribed deal with its most granular order book ever. Both covered bonds were priced flat or slightly inside fair value and illustrated that market conditions are at the best they've been this year.
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Österreichische Kontrollbank (ÖKB) kept up the strong momentum from European public sector borrowers in the dollar market on Thursday with a well received five year deal which priced through its own curve.
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The EIB kicked off the post-Labor Day SSA dollar market on Wednesday with a five year deal, it's third of the year. Oesterreichische Kontrollbank (OeKB) is set to follow, having mandated for its second five year dollar deal of the year.
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Senior deals from BPCE and Erste Group Bank this week benefitted from enthusiastic investor support amid a shortage of supply in the asset class.
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Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.
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Erste Group has changed the reporting on its cover pool in a move that has effectively resulted in a substantial increase in issuance capacity which other borrowers with limited collateral could mimic.
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Raiffeisen Bank International (RBI) saw a window to market an additional tier one (AT1) bond on Wednesday, ahead of its second quarter earnings disclosure. It is looking to use the debt to boost its regulatory capital ratios.
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Raiffeisen Bank International is getting ready to sell its third additional tier one (AT1) instrument, as it looks to make full use of its regulatory allowance for subordinated debt capital.
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Australia and New Zealand launched their first syndications of their 2020-21 fiscal years on Monday.
