Raiffeisen Bank International AG
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Subordinated bond deals from European financial institutions have zoomed tighter in secondary market trading this week, in anticipation of lower supply and ahead of the reporting period for full year earnings for 2017. -
The Republic of Belarus is considering reopening its $600m 7.625% 2027s, according to a source with knowledge of the matter, after a strong rally that has made them the best performing hard currency bonds in CEEMEA in the last six months.
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Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.
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Raiffeisen Bank International’s additional tier one (AT1) bond — the first in the asset class this year — met a wall of demand and was priced with a coupon that was tighter than all but one euro AT1. This was in the face of investors’ preference for bonds offering a higher reset spread, increasing the chance of bonds being called.
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Raiffeisen Bank International announced a mandate for the first additional tier one (AT1) issue of the year, giving investors a chance to dive back into an asset class which saw exceptional returns last year. Crédit Agricole Assurances also announced a mandate for a tier two bond.
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Austrian oil and gas company OMV discovered on Thursday that investors are far from finished with the investment grade corporate bond market in 2017. The strength of demand for its new nine year deal resulted in the company printing its largest ever bond.
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The Russian loan market is moving towards more unsecured deals with Russian paper company Ilim signing the fourth unsecured deal this year, for $500m.
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Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded.
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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.
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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.
