Erste Group Bank

Allocations for a €3.025bn acquisition loan from Czech investment fund PPF Group are due in the next few days, according to a lead.

Slovakia sold 10 year and 50 year bonds from a combined book of over €5bn on Tuesday, the first European sovereign bond since Italy-led volatility last week turned government bond traders’ screens into a kaleidoscope of reds and greens. It was also the longest CEE print in over a decade.

Fixed income investors say that some banks have unrealistic expectations about where they can price new bonds — an issue that could prevent deals from arriving before the summer.

Erste Group Bank decided not to issue its additional tier one (AT1) bond on Wednesday after FIG bonds were hit by wider moves in the fixed income market. But elsewhere in the subordinated debt market Banque Fédérative du Crédit Mutuel did press ahead with a bullet tier two deal.

Erste Group Bank is preparing to sell its third additional tier one bond as part of a deal that would reopen the market for the first time in nearly a month.

Bookrunners revealed more than €3bn of new speculative grade deals from seven issuers in the European high yield market this week. Coupons are slowly widening in the primary market, but they are still hitting issuers’ pricing targets, said market participants.

Commerzbank reset the pricing of its covered bond curve to a more realistic market clearing level with its €500m 10 year on Monday, as Erste Group, HSBC, Axa Bank and mBank Hipoteczny announced deals.

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

Czech investment fund PPF is in the market to syndicate a €3.025bn loan to fund the acquisition of Norwegian telecoms group Telenor’s central eastern European business. The loan is split into two term loans and a revolving credit facility.

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which was used to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

RHI Magnesita, the Austrian-Brazilian maker of refractory products, has refinanced its debt with a new €305.6m five year term loan.

Romania issued €2bn of new debt with a dual tranche offering on Thursday, taking the largest portion of funds with a new 20 year bond.