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◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
The spread to the sovereign was well over 100bp at initial pricing
◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread
The bank is capitalising on an investor base starved of CEE bank issuance
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers. -
Erste Group Bank found success when it paired a sustainable label with the senior preferred format on Friday, attracting a high quality granular order book despite pricing several basis points through fair value.
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KB Kookmin Card raised $300m from its debut in the offshore dollar bond market this week, using a sustainability-labelled deal to add further momentum to the asset class.
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European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.
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Barclays' first senior euro deal for more than a year has allayed any fears over British risk as the borrower raised €2bn on Wednesday. The bank was joined in the senior market by another rare name, Kommunalkredit Austria.
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Kommunalkredit Austria sold its first public senior bond since its privatisation on Thursday, landing its €300m deal 3bp through where lead managers had seen the balance of investor feedback.
