Erste Group Bank
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end. -
Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
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North Macedonia launched a new bond in euros on Wednesday, following deals last week from fellow central and eastern European sovereigns issuers, Serbia and Croatia.
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Nykredit Realkredit opted to tap the seven year point of the curve on Monday as it issued senior non-preferred debt ahead of a deadline for regulatory debt buffers in 2022.
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Česká zbrojovka Group (CZG), a Czech firearms company, has mandated banks to arrange a local currency bond, which investors say is a developing trend. The bond will contribute to CZG’s planned acquisition of US arms major Colt.
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DZ Hyp is preparing to print its first covered bond of the year. The deal could be launched as soon as Monday, which would allow the German lender to get its business done ahead of an expected EU deal for the Support to Mitigate Unemployment Risks in an Emergency (SURE) programme.
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