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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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Kommunalkredit was the first name to throw its hat into what bankers are expecting could be a busy week in FIG primary markets next week. The Austrian lender is set to syndicate its senior deal as a private company next week, with a covered bond refinancing set to follow later this year. -
Greek banks are making the most of exuberant conditions in the financial markets in 2021, with Eurobank spying a golden opportunity to return to the senior FIG bond market this week. The next milestone is the country’s first additional tier one and, having just breezed through an equity raise, Piraeus is a prime candidate to open the market. Frank Jackman and Sam Kerr report.
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Goldman Sachs found the optimal window to return to the Swiss market this week, as local investors turn towards established names with a bit more yield on offer.
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LBBW landed its latest senior non-preferred bond, a €500m eight year deal, through its conventional curve on Tuesday, as the borrower enjoyed the spoils of a large and granular order book.
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Morgan Stanley and Goldman Sachs received a warm welcome in the euro market this week, as they turned to the currency amid what one banker described as a “US bank supply wave”.
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South Korea's Kookmin Bank enticed investors into its latest bond sale by using a sustainability label.
