Raiffeisen Bank International AG
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Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week. -
The City of Bremen was heavily undersubscribed as it came to the market with an eight year bond on Thursday, in what is the region’s second consecutive public deal that has failed to reach full subscription.
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Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros.
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Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.
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Harald Kröger is set to take charge of Raiffeisen Bank International’s group investment banking division from October 1.
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Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.
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The additional tier one market is putting too much emphasis on the risk that banks will try and extend the lives of their bonds, according to Atlanticomnium, suggesting there is plenty of room for the asset class to rally this year.
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A burst of additional tier one (AT1) supply this week showed that financial institutions will be keen to take advantage of every funding window available this summer, despite having made substantial progress on their annual issuance plans.
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Raiffeisen Bank International (RBI) saw a window to market an additional tier one (AT1) bond on Wednesday, ahead of its second quarter earnings disclosure. It is looking to use the debt to boost its regulatory capital ratios.
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UBS Group opened books on new additional tier one (AT1) on Wednesday, as it looked to hoover up demand from yield-starved investors in the Reg S dollar market.
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Russian steel producer Novolipetsk Steel (NLMK) has raised a €600m syndicated loan, as experts say that the continued presence of Russians in the market during the crisis is down to the resilience they were forced to acquire after years of sanctions.
