Erste Group Bank

Czech Railways (České dráhy), the 100% state-owned Czech national railway operator, is embarking on a European roadshow for a seven year bond.

The week started on a green note with ABN Amro issuing its fourth green bond on Monday. It was more than three times subscribed. On Tuesday, Erste Group also enjoyed favourable market conditions with demand at nearly 10 times its final books.

Erste Group was nearly 10 times subscribed for a €500m five year senior bond on Tuesday, with issuers enjoying extremely favourable conditions in the euro market.

The Autonomous Community of Madrid has participated in a ‘proof of concept’ Schuldschein transaction on blockchain with BBVA. The loan is also sustainability-linked.

Rating: Baa3/BBB-/BBB-

Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.

Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.

Technology platforms are vying to become the first to close a fully digital Schuldschein offering — without a paper parallel — under German law. But some see the obstacle to progress not behind the beady eyes of the regulator, or the possibilities of technology, but with market participants’ customs.

French demand outweighed interest from UK accounts in an additional tier one deal for the first time this week when Erste Bank sold a €500m bond that it had first planned nearly a year ago.

Banks with large exposures in Romania took a beating in the financial markets on Wednesday, after the country’s government unveiled plans to introduce a new tax on banking assets.

A revolution is occurring in the Schuldschein market. This sedate and sober instrument has shaken its fusty reputation and transformed into a bustling hotbed of technological progress. Seven digital platforms sprang up in 2018, each declaring a grand ambition to drive efficiency. But with platforms jockeying for position, under the eye of the German regulator, some question the rate of change and the authenticity of some agents of it.

Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.