Erste Group Bank
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Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros. -
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Senior deals from BPCE and Erste Group Bank this week benefitted from enthusiastic investor support amid a shortage of supply in the asset class.
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Commerzbank did not pay a premium to launch its new additional tier one (AT1) this week, as it found strong demand at the long end of the curve. The bank was returning to the market just three months after its last deal in the format.
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French agency Caisse des Dépôts et Consignations (CDC) hit screens on Monday afternoon with its second ever sustainability bond, following its debut in the format last year.
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Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.
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Erste Group has changed the reporting on its cover pool in a move that has effectively resulted in a substantial increase in issuance capacity which other borrowers with limited collateral could mimic.
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The Republic of Lithuania returned to bond markets for its second trade in less than three months on Tuesday, tapping euro investors for a 30 year trade.
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Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.
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State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.
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The corporate bond market made a promising start to the week with oil company OMV’s dual tranche bonds and Deutsche Börse’s hybrid trade commanding sizeable books and big price moves, which bodes well for the spate of mandates that have landed on investors’ screens.
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European emerging market names have bulked up deal flow during the Covid-19 crisis and The Republic of North Macedonia continued that trend on Wednesday with a six year euro benchmark deal.
