Erste Group Bank
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Regional banks set to tap home and euro markets for regulatory debt -
Austrian bank seizes chance to diversify "just next door"
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.
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A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.
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Erste Bank’s Croatian subsidiary was the sole bank to being new issue outside the covered bond on Tuesday, with bankers surprised at just how quiet the market is despite the attractive backdrop.
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Erste Bank’s Croatian subsidiary will sell its first euro denominated preferred senior note next week, which it will count towards its minimum requirement for own funds and eligible liabilities (MREL).
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A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break.
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UBS sold its first green bond this week, bringing the deal at the tightest euro senior spread of the year so far. Further labelled issuance is set to follow, with UniCredit preparing a green debut of its own.
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UBS made its first foray into the green bond market as an issuer on Monday, landing a €500m operating company deal at a level bordering on zero yield, which could embolden other lower spread issuers to follow. The visit to euros was paired with a seven year deal in the Swiss bank’s home market.
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
