Erste Group Bank

◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said

There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said

Smaller order books and tighter new issue premiums characterise new phase

◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months

◆ VUB places 'solid trade' ◆ Both issuers offer decent new issue premiums ◆ DZHYP syndicate want everything done before US opens

◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'

◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks

◆ Dutch bank's order book three times oversubscribed ◆ 3bp NIP offered ◆ Issuer placed a green senior bail-in last October

First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker

◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker

◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue