Raiffeisen Bank International AG

◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight

Austrian bank will not call its AT1 with the lowest reset rate but it will redeem another it had been extending since the eruption of the war in Ukraine

◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW

◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow

◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating

◆ Austrian bank completes strategic capital refi ◆ Investor response show 'no consensus' on pricing for 'very esoteric name' ◆ New deal has lower funding cost than March's pulled attempt ◆ Other debut issuers show deeply subordinated capital remains desirable

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ New issue and tender help shave 40bp off price ◆ Pricing comes inside fair value but RBI trades wide within Europe's banking sector ◆ Bawag preparing green senior preferred

New bond was issued at undersupplied part of the euro curve

◆ Austrian lender more than fives times subscribed as swathe of deals priced... ◆ ... from tight Nordic names... ◆ ... to Italy’s ‘different animal’

Issuers, especially banks, drew high demand

◆ Rival bankers said it was ‘bad luck’ and did not reflect broader market sentiment ◆ News that US authorities opposed RBI purchase in Austrian construction company Strabag emerged during pricing