Raiffeisen Bank International AG
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Issuers, especially banks, drew high demand
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◆ 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
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◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration
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‘Solid’ first 2024 syndication despite wider secondary curve
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The bank joins a growing list of RBI subsidiaries selling public bonds
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◆ Unsecured issuance to resume from Wednesday ◆ Infrequent and rare issuers fill pipeline ◆ Pre-funding national champions may compete
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◆ Inaugural deal starts 40bp-50bp back of fair value ◆ BFCM's social sale proves popular as investors pledge €2.9bn
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◆ Smaller European banks 'take advantage' of absent national champions in euros ◆ Bankinter, Santander Consumer Bank land deals with up to 10bp NIP ◆ Austria's RBI prepares debut SNP
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Berlin Hyp was only just subscribed; RBI could not tighten pricing
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Bank borrowers stay local as capital issuance resumes
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Austrian lender pays just 5bp of premium to raise €1bn
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Multiple less frequent and smaller bank borrowers are gearing to start their annual unsecured funding in euros this week
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Irish lender benefits from rating boosts, but the Austrian bank pays 50bp to extend senior maturity
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Facility allows Nagarro to add sustainability terms later
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Pair enjoy renewed market access having been buffeted by Ukraine invasion
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Smaller and trickier credits price senior debt despite weakening market
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Raiffeisen Bank International and ING Bank are the lead arrangers
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Some five year euro deals see double the demand of 10 year alternatives
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Société Générale has taken a calculated risk on a deal with an oligarch as its CEO looks to double down in a critical year. By David Rothnie
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Range of trades on offer including rare floater and much delayed green euro debut
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European banks weigh up merits of retaining Russia presence
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Pressure builds on plastic manufacturers to ensure circular supply chains
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Issuer taking gentle approach with investors
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In the first few days of the year, real estate has made up more than a third of investment grade corporate issuance
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Société Générale priced a €750m eight year inside fair value, but deals from KHFC and Commonwealth Bank of Australia were less convincing
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Regional banks set to tap home and euro markets for regulatory debt
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Cash rich investors are there for the taking as market reopens
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Trionista TopCo, a German sub-metering provider, launched a €200m sustainability-linked Schuldschein on Tuesday.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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Three infrequent FIG borrowers are set to drop into a stable euro market this week, with Arion Bank, Banca Popolare di Sondrio and Westpac New Zealand all preparing senior deals .
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Three European banks are lining up trades to finance their environmental, social and governance (ESG) objectives this week, with more than half of euro FIG bond issuance arriving in labelled formats in June so far.
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Raiffeisen Bank International launched its first green tier two on Wednesday, landing at a spread that was 10bp inside fair value for an unlabelled deal.
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Banco de Sabadell was up to four times subscribed for a tightly priced green deal on Tuesday — its debut in non-preferred senior format. Other FIG issuers are also considering adding ESG labels to more subordinated products, with Raiffeisen Bank International planning a green tier two for this week.
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Mondi, a UK packaging and paper company, has signed a €750m revolving sustainability-linked facility, days after completing an acquisition of a Turkish packaging firm.
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Polymetal, one of Russia’s largest gold producers, has added to its green debt by raising $400m from international lenders
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Belgian supermarket chain Louis Delhaize launched a Schuldschein on Tuesday afternoon, according to market sources, joining a band of retailers tapping the market this year.
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UBM Development, the Austrian property company, issued last week what it believes is the eurozone’s first sustainability-linked retail bond — bringing one of the hottest techniques in corporate finance to a traditional market that has dwindled in the recent climate of negative interest rates.
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MAS Real Estate is the latest emerging markets issuer to have issued paper linked to environmental, social or governance factors. However, EM investors are demanding more ESG paper to match the levels seen in developed markets.
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Sucafina, a Swiss coffee company, has signed a $500m sustainability-linked borrowing base facility, as a small wave of deals from the German speaking region come to fruition.
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Austrin electricity and gas company Energie Burgenland has launched a Schuldschein deal weeks after another Austrian utility wrapped up a transaction in the same market.
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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.
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Barclays paid a visit to the euro market to sell its first public senior deal in over a year on Wednesday morning, offering investors a rare chance to pick up exposure to its debt in floating and fixed rate formats.