Erste Group Bank
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LBBW landed its latest senior non-preferred bond, a €500m eight year deal, through its conventional curve on Tuesday, as the borrower enjoyed the spoils of a large and granular order book. -
LBBW enjoyed the euro limelight on Tuesday morning as it sold the week’s first senior deal from a European borrower, pricing a €500m eight year deal that peaked at more than three times covered.
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Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday, combining the benefits of two different approaches to sustainable finance in a single deal.
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Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday. The highly rated issuer printed 20 year debt at a razor-thin spread.
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Verbund, Austria’s largest electricity provider, is in its second and final day of marketing a green and sustainability linked 20 year trade, in a closely watched deal that is expected to see insatiable demand.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
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The financial primary market paused on Wednesday. Despite euro borrowers enjoying oversubscribed order books this week, demand in the secondary market is lagging behind, as investors await further rises in yields.
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