Erste Group Bank

◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution

◆ Sub-benchmark note tightened by 6bp ◆ 14bp reoffer was at or just outside FV, says lead ◆ Order book showed some attrition in 'slightly weaker market'

◆ Sub-benchmark note tightened by 10bp ◆ 15bp reoffer came 2bp inside fair value, says lead ◆ Another lead 'very surprised' by market's response

◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance

◆ Deal lost €900m of orders on reoffer ◆ 1bp-2bp of new issue concession ◆ Senior preferred spreads 'super tight' versus covered, says lead manager

◆ Hamburg Commercial Bank prices with 0bp-1bp of NIP ◆ Crédito Agrícola attracts €2.7bn of orders for debut benchmark deal ◆ Erste Bank Hungary offers CEE pickup

◆ Book drops most pronounced in tier two market ◆ Erste lands new deal at fair value even after losing half its orders ◆ Commerz suffers due to marginal premium

◆ Austria bank compresses funding cost as investors remain avid buyers of tier two bonds ◆ Product described as 'most attractive' within the FIG capital structure ◆ Deal lands with negligible premium, if any

European banks progress with capital raising as spreads tighten, but investor qualms grow

◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers

◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight

◆ Another UK name ventures into euros ◆ Market 'healthy' as credit spreads linger near lows ◆ Premiums paid on both deals