DACH - RBI Your Strong DCM Partner

In the ever-evolving landscape of Debt Capital Markets (DCM), Raiffeisen Bank International (RBI) continues to assert itself as a formidable partner in the DACH region, offering unparalleled expertise and strategic positioning. The first quarter of 2025 was marked by significant achievements across our core regions, including Western Europe, Central and Eastern Europe (CEE), and DACH itself.

Our success in Western Europe was highlighted by the reopening of the covered bond market, facilitating Credit Agricole Italia's EUR 1bn 9-year Covered Bond (OBG). This transaction not only marked the longest tenor for a Covered Bond since September 2024 but also revived the Italian Covered Bond market after a two-month hiatus. The substantial orderbook, exceeding EUR 6.4bn, underscores the growing appeal of Covered Bonds from peripheral regions compared to those from core European countries.

In CEE, a milestone was achieved with RBI’s first dual-currency transaction, assisting Romania in issuing a triple tranche, including two EUR and one USD tranche. The oversubscribed books reflect Romania's favor with international investors, particularly as previous EUR issues were more costly. Our role as bookrunner for Hungary for the second time further exemplifies our effective collaboration with RBHU, solidifying our presence in the region.

Within the DACH region, our Top 3 spot in the RAGB primary dealer ranking facilitated our involvement in Austria's first RAGB syndication of the year. Austria successfully placed EUR 6.5bn in two tranches, achieving a national record orderbook amidst national government formation. Our growing influence in the German Länder segment was evidenced by consecutive mandates from Hamburg and Schleswig-Holstein LSAs.

The success of the first-ever EU-Central Asia Summit in Samarkand paved the way for the Uzbekistan Investor and Issuers’ Day in London. Initially intended as a modest investor meeting, the event evolved into a major platform showcasing twelve Uzbek issuers, including the Central Bank of Uzbekistan and UzAssets. With investors managing total assets exceeding $14.5 trillion, the event underscored RBI’s commitment to supporting Uzbekistan's financial development and fostering international collaboration.

On April 2nd, 2025, RBI hosted the third annual Italian Banking Day at its headquarters in Vienna, reinforcing financial ties between Italy and Austria. The event facilitated direct dialogue between five prominent Italian banks and Austrian institutional investors through a speed-dating format, providing efficient and focused discussions. Feedback was overwhelmingly positive, highlighting the event’s success in promoting cross-border collaboration.

Despite ongoing volatility in the capital markets, RBI remains optimistic for Q2 2025. The conclusion of the earnings season is gradually building the pipeline for the next quarter, paving the way for a positive outlook for the remainder of the year. Our DCM FI & SSA department has recorded a highly successful Q1 2025, and we are poised to continue our trajectory of growth and achievement.

In conclusion, RBI's strong presence and strategic initiatives across Western Europe, CEE, and DACH regions demonstrate our unwavering commitment to being a leading DCM partner. As we look forward to the challenges and opportunities in the coming months, we remain dedicated to fostering international collaboration and supporting the financial development of our core regions.