Austria
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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky -
Issuer to focus on auctions and foreign currency opportunities including dollars and Swiss francs
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◆ Sovereign gets ahead of uncertainty in H2 ◆ Larger size raised off strong demand ◆ Bigger curve reaction this time neutralised by pricing
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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Issuer now around 77% funded for the year with one dollar deal still to come
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◆ Austrian agency revisits dollar market ◆ Deal priced and sized carefully, all targets achieved ◆ A feast for central bank investors after issuance has plunged
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◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
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◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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First deal from Porsche Bank's Fact shelf for 18 months
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New 30 year launched even as geopolitics and volatility dampen sentiment, and the issuer explains why and how
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◆ Popular 30 year 'especially good' for confidence ◆ No elevated NIPs required despite Middle East war ◆ Execution flexibility for long end tranche
