Erste Group Bank
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Santander shows big AT1 deals work best alongside tender offers
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
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Widening Bund swap spreads draws bid back to paper
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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From long-dated covered and senior bonds to regulatory capital deals; all were priced tight this week. Even after Thursday's ECB meeting, nothing looks set to worsen conditions for issuers
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Issuers play it safe as they target the three to five year area
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Stadtsparkasse München to test demand for five year Pfandbrief
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Land hits upper end of size target after being 'reasonable' about pricing
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Banks are getting busy refinancing additional tier one — could even UBS issue?
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◆ Austrian lender saves with early tier two refi ◆ Others could follow into 'wide open' AT1 market ◆ Generali's popular tier two bullet shoots through fair value
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Muted SSA market welcomes European pair
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More pile in for euros following NLB's 'blowout' €500m print
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Investors show preference for paper with rarity value paying a premium
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Curve shape should help demand at long end
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European banks' issuance onslaught takes advantage of improved market conditions from US data and performing recent new deals
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NordLB scored its largest order book on Monday as investors flocked to covered bonds
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RBC, ING Diba, BSH and Danske pre-fund in size in case market conditions deteriorate
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Erste Group's Czech subsidiary decided to issue its first senior deal of the year in its domestic currency
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Austrian lender captures much better market sentiment before more supply in holiday-shortened week
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Resurgent FIG unsecured issuance pace could slow as new quarter approaches
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Issuer taking gentle approach with investors
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Rates volatility made market more complex to navigate for sovereigns
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In the first few days of the year, real estate has made up more than a third of investment grade corporate issuance
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The unrated issuer found pockets of demand in the German-speaking world and beyond