Raiffeisen Bank International AG

◆ Austrian bank completes strategic capital refi ◆ Investor response show 'no consensus' on pricing for 'very esoteric name' ◆ New deal has lower funding cost than March's pulled attempt ◆ Other debut issuers show deeply subordinated capital remains desirable

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ New issue and tender help shave 40bp off price ◆ Pricing comes inside fair value but RBI trades wide within Europe's banking sector ◆ Bawag preparing green senior preferred

New bond was issued at undersupplied part of the euro curve

◆ Austrian lender more than fives times subscribed as swathe of deals priced... ◆ ... from tight Nordic names... ◆ ... to Italy’s ‘different animal’

Issuers, especially banks, drew high demand

◆ Rival bankers said it was ‘bad luck’ and did not reflect broader market sentiment ◆ News that US authorities opposed RBI purchase in Austrian construction company Strabag emerged during pricing

◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration

‘Solid’ first 2024 syndication despite wider secondary curve

The bank joins a growing list of RBI subsidiaries selling public bonds

◆ Unsecured issuance to resume from Wednesday ◆ Infrequent and rare issuers fill pipeline ◆ Pre-funding national champions may compete

◆ Inaugural deal starts 40bp-50bp back of fair value ◆ BFCM's social sale proves popular as investors pledge €2.9bn