Erste Group Bank
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Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded. -
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In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.
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Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.
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Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.
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Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.
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Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.
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Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.
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Slovenian Sovereign Holdings (SSH), which manages Slovenian state assets, has begun the privatisation of Nova Ljubljanska Banka, the country’s largest bank, having published an intention to float document on Monday morning.
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Turkey’s Ziraat Bank was quick to take advantage of the recent rally in Turkish credit, opening books on a five year bond at 5.5% on Tuesday morning.
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Poland’s largest covered bond issuer and national champion, PKO Bank Hipoteczny, has mandated leads to roadshow a prospective zloty-denominated covered bond benchmark.
