Erste Group Bank
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight -
◆ Another UK name ventures into euros ◆ Market 'healthy' as credit spreads linger near lows ◆ Premiums paid on both deals
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription
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◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession
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◆ Italian bank returns after years of calls but no replacements ◆ Tight pricing cemented on super-scarcity status ◆ Austria’s Bawag gearing to increase capital with new issue and tender
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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◆ Senior FIG market reopens after summer break ◆ Minimal premiums paid ◆ ‘Competing trades working well’ say bankers
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Debt origination and syndicate bankers promoted
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New bond was issued at undersupplied part of the euro curve
