Erste Group Bank

◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction

◆ Canadian bank tightened spread by 6bp ◆ Euro benchmark deal placed at €1.25bn ◆ Canadian issuers have been busy in past three months

◆ 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

◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023

◆ OTP prices 10th Eastern European covered this year ◆ Order book was twice the deal's size ◆ Tuesday's only benchmark deal

◆ Transaction met 'issuer's expectations', said a banker ◆ Slovak bank's was one of three covered bonds on Tuesday ◆ Order book boasts a mix of investors

◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year

◆ 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