Raiffeisen Bank International AG

Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.

Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.

Tajikistan has named two lead banks for its first ever bond, the proceeds of which will be used to partially fund a hydropower plant project.

Nitrogénmuvek, the Hungarian fertiliser group, became the second borrower with high yield ratings to cancel a deal this month, after Tereos pulled a highly structured bond seven days ago. This time, the problem was size.

Hungarian fertiliser group Nitrogénmuvek launched the smallest high yield bond offering of the year so far on Wednesday. But guidance suggested the borrower seeks to pocket large savings as it refinances its old 2020s.

Oil and gas company MOL became the first Hungarian issuer to raise funds in the Schuldschein market, in a sign that more lenders, given the right credit, are prepared to be tempted eastwards.

In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.

GetBack, the Polish debt collection company, has priced its Warsaw IPO at the bottom of the range, in a further sign of the variety of outcomes in the present flotation season.

Raiffeisen Bank Polska’s IPO on the Warsaw Stock Exchange, which kicked off on Thursday to raise up to Z947.8m (€224m), is expected to be a mainly local affair, said bankers close to the deal.

HSBC and Austria’s Raiffeisen Bank International benefited from low funding costs in the additional tier one (AT1) market this week, despite the fact that the asset class has been through a tricky month and people are starting think hard about the direction of global interest rates.

Rating: Baa1/BBB+

Raiffeisen Bank International (RBI) opened books on its first new style additional tier one (AT1) deal on Wednesday, as the market looked to shake off the first signs of tapering plans from the European Central Bank (ECB).