Erste Group Bank

◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription

◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession

◆ Italian bank returns after years of calls but no replacements ◆ Tight pricing cemented on super-scarcity status ◆ Austria’s Bawag gearing to increase capital with new issue and tender

◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow

◆ Senior FIG market reopens after summer break ◆ Minimal premiums paid ◆ ‘Competing trades working well’ say bankers

Debt origination and syndicate bankers promoted

New bond was issued at undersupplied part of the euro curve

Austria, France and Portugal opt for the same window

Santander shows big AT1 deals work best alongside tender offers

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

Widening Bund swap spreads draws bid back to paper

After a series of wide moves from IPTs, investors were pleased a deal began close to landing