Austria

Burst of deals this year in uneven market suggests investors want alternatives to Treasuries

Issuer now around 77% funded for the year with one dollar deal still to come

◆ Austrian agency revisits dollar market ◆ Deal priced and sized carefully, all targets achieved ◆ A feast for central bank investors after issuance has plunged

◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance

◆ 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

◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months

First deal from Porsche Bank's Fact shelf for 18 months

New 30 year launched even as geopolitics and volatility dampen sentiment, and the issuer explains why and how

◆ Popular 30 year 'especially good' for confidence ◆ No elevated NIPs required despite Middle East war ◆ Execution flexibility for long end tranche

Bankers confident ‘good, liquid names’ could still get deals done, windows wide open this week

Recent Italy syndication prompts talk of change in how sovereigns manage syndicates

◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years