Erste Group Bank
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◆ Eastern Europe's second inaugural covered of 2026 ◆ Issuer's covered bond rating matches Hungary's OTP ◆ Deal adds 'depth' to CEE covered universe, says banker -
◆ Investors 'hesitant' to buy amid US-Iran talks, lead says ◆ Erste goes alone in euros ◆ Premium debated
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◆ Austrian bank pays healthy new issue premium ◆ Small order book saw minimal attrition ◆ Banker said market was 'heavier' at open
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◆ Austrian issuer opted for no-grow tactic ◆ One of three covered bonds priced on Tuesday ◆ Bankers said the deal offered no new issue premium
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◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables
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Borrowers have been busy already this year so the pressure to issue is off
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◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow
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◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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◆ Canadian bank tightened spread by 6bp ◆ Euro benchmark deal placed at €1.25bn ◆ Canadian issuers have been busy in past three months
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◆ Belgian issuer tightened spread by 7bp ◆ Order book broke €2bn before closing at €1.9bn ◆ Deal offered a minimal new issue premium, a banker said
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◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023
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◆ OTP prices 10th Eastern European covered this year ◆ Order book was twice the deal's size ◆ Tuesday's only benchmark deal
