Austria
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◆ Mid-single digit premium paid ◆ Deal attracts slim yet granular book ◆ Benchmark Austrian supply down by two thirds -
◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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Almost Sfr3bn printed in first week of May as Swiss franc mart shakes off tariff spectre
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◆ Deal is the first Austrian benchmark since January ◆ Slim premium paid ◆ Austrian supply down due to lower loan growth
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‘A strong focus on a fast execution process’ aimed to minimise uncertainty and volatility, says sovereign’s funding head
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◆ Combined book one of the sovereign’s largest ◆ Swap spread volatility observed overnight ◆ Issuer ‘did well not to stretch’ the pricing
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Estonian lender set to join Austrian and German-led sub-benchmark flurry
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◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
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◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers
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Bankers expect lack of competing supply from larger names will drive strong outcomes
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Sovereign's first Swiss franc deal since 2009 provides strong cost savings
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Sovereign's dual-tranche euro trade pulls in record demand
