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      Erste Bank preps new AT1
      TUESDAY, 05/09/2023 - Scope Ratings GmbH
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      Erste Bank preps new AT1

      Erste Group Bank AG is in the market with a temporary write-down 5.125%-trigger AT1 with a call at 5.6 years (commencing 15 October 2028), alongside a tender offer for the outstanding 6.5% AT1 callable in April 2024.

      The new issue is capped at EUR 500m and the notes feature a six-month par call that gives the issuer, subject to conditions, the option to redeem the notes in whole at the redemption amount on any business day during the six months prior to but excluding the first reset date (15 April 2029). Initial price thoughts are 8.75% area (8.941% annual equivalent), according to Bond Radar (www.bondradar.com).

      More on European AT1 market in Scope`s latest Bank Capital Quarterly

      Scope rates the issuer Erste Group Bank AG on a subscription basis.

      Access all Scope rating & research reports on ScopeOne which includes API solutions for Scope`s credit rating feed.

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