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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). -
Altana, a German speciality chemicals company, has moved its main bank line to a sustainability-linked structure, with the borrower negotiating a margin in line with its pre-coronavirus pandemic levels.
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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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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.
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Sucafina, a Swiss coffee company, and Suelzle Holding, a German steelmaker, have signed sustainability-linked loans, and bankers say there are more from the region coming to fruition.
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Suelzle Holding, a German steel maker, has signed a €140m revolving credit facility, as lenders say there are a handful of similar deals in the works for borrowers in the German speaking region.
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The European Investment Bank failed to impress market participants on Tuesday with an order book far smaller in size than usual for an Earn benchmark and no move in the spread after guidance.
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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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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.
