Asfinag takes applause

Asfinag, the Austrian roads agency, received a rapturous reception for its only benchmark of the year that it issued this week, a Eu1bn 10 year that was tightly priced versus comparables and its sovereign. However the summer break appears to have started for SSA issuers with US non-farm payrolls, the European Central Bank meeting tomorrow and Friday’s US independence day holiday contributing to an anti-climactic week after last week’s record issuance. State-owned Portuguese investment company Parpublica brought a Eu800m four year, only its second deal and first since 2005. In dollars the only issuer is Cades – again – with a $1bn three year Eurodollar. Read EuroWeek on Friday for full coverage of SSA the outlook for potential issuance.