Erste Group Bank
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◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value -
Absence of larger covered bond issuers provides a window for smaller deals
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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◆ Deal was priced tighter than the issuer's previous covereds ◆ Banker said spread tightening 'speaks for itself' ◆ Second banker put spread through FV
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◆ Hamburg-based bank tightened spread through execution ◆ Banker said MunHyp deal on Monday paved the way ◆ Second banker said deal benefitted from ‘stronger sentiment’
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
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◆ Sub-benchmark note tightened by 6bp ◆ 14bp reoffer was at or just outside FV, says lead ◆ Order book showed some attrition in 'slightly weaker market'
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◆ Sub-benchmark note tightened by 10bp ◆ 15bp reoffer came 2bp inside fair value, says lead ◆ Another lead 'very surprised' by market's response
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◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance
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◆ Deal lost €900m of orders on reoffer ◆ 1bp-2bp of new issue concession ◆ Senior preferred spreads 'super tight' versus covered, says lead manager
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◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup
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◆ Book drops most pronounced in tier two market ◆ Erste lands new deal at fair value even after losing half its orders ◆ Commerz suffers due to marginal premium
