Erste Group Bank
-
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
-
◆ Finnish bank tightened by 8bp through execution ◆ Banker said 35bp starting point was 'spot-on' ◆ Second banker said deal went 'better than expected'
-
◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs
-
◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds
