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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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Greek lender Eurobank returned to the market this week to land €500m of senior paper for its minimum requirement for own funds and eligible liabilities (MREL) at a yield above 2%, proving the market is there for even for very risky credits. -
Shanxi Securities Co sold a heavily anchored $200m bond on Tuesday, relying largely on Chinese banks for its second international deal.
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There is a golden opportunity for banks to set a precedent by issuing sustainability-linked bonds across the capital stack, rather than waiting for regulators to finish fretting over the guidance.
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LBBW enjoyed the euro limelight on Tuesday morning as it sold the week’s first senior deal from a European borrower, pricing a €500m eight year deal that peaked at more than three times covered.
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Morgan Stanley added to what one banker described as a "US bank supply wave" on Tuesday, as it followed Goldman Sachs into the euro market for senior debt.
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Greece’s Eurobank is preparing this week to launch a callable senior preferred deal, which it will use towards its minimum requirement for own funds and eligible liabilities (MREL).
