Erste Bank preps new AT1
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.