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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
ERSTEI
Erste & Steiermarkische Bank dd€400
1EMEA
May 20, 2026
currency
EUR
size (m)
400.000
maturity
May 27, 2032
type
Fixed to Floating
tenor
6.000
call
5.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
-
s&p
-
fitch
A-
re-open/tap
No
ipt
MS+140 area
ipt-pxd
-25
guidance
n/a - straight to launch
spread
115
coupon
4.125%
spread set
-
price
99.93300
yield
4.140%
book size (m)
610
peak book (m)
850
x-covered
1.52
book attrition
-0.28%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
610
peak book (m)
850
x-covered
1.52
book attrition
-0.28%
nic
-
billing & delivering
active leads
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 610; First Pay: 2027-05-27; Redemption: 2031-05-27; Registration: Reg S Only; Comments: OBL 2 ½ 04/16/31 #193 + 129.0bps @98.40%, HR: 99%. LEI: 549300A2F46GR0UOM390;
Relative Value

COMPS

Ticker

Country

Rank

Size (EUR)

Rating (M/S/F)

Coupon

Issued

Maturity

Call Date

Yrs to Mty

Yrs to Call

Structure

I-BID

ESG

Erste Group + CEE subsidiaries:

ERSTBK

AT

SP

750mn

A1/A+/A

3.38%

May-26

May-31

May-30

5Y

4Y

5NC4

59

-

ERSTEI

HR

SP

400mn

-/-/A-

4.88%

Jan-24

Jan-29

Jan-28

2.7Y

1.7Y

2.7NC1.7

84

Green

CESSPO

CZ

SNP

500mn

-/NR/A

4.57%

Jun-24

Jul-31

Jul-30

5.1Y

4.1Y

5.1NC4.1

98

-

BZWPW

PL

SNP

500mn

Baa2/-/BBB+

3.50%

Sep-25

Oct-31

Oct-30

5.4Y

4.4Y

5.4NC4.4

100

-

Selected CEE & Southern European comparables:

MBKPW

PL

SP

500mn

NR/BBB+/BBB+

4.03%

Sep-24

Sep-30

Sep-29

4.4Y

3.4Y

4.4NC3.4

72

Green

PEOPW

PL

SP

500mn

-/A-/-

3.50%

Sep-25

Sep-32

Sep-31

6.3Y

5.3Y

6.3NC5.3

91

Green

ETEGA

GR

SP

600mn

Baa1/-/-

3.13%

Jan-26

Feb-31

Feb-30

4.7Y

3.7Y

4.7NC3.7

76

Green

ALPHA

GR

SP

600mn

Baa2/-/-

3.75%

Apr-26

May-32

May-31

6Y

5Y

6NC5

96

Green

EUROB

GR

SP

700mn

Baa1/BBB-/BBB-

3.88%

May-26

May-32

May-31

6Y

5Y

6NC5

96

-

BOCYCY

CY

SP

300mn

Baa3/-/-

3.88%

May-26

May-31

May-30

5Y

4Y

5NC4

103

-