Austria
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Austria brings first 15 year syndication in over a decade -
Austrian borrower attracts strong demand following pre-deal roadshow
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Austria prepares to make auction debut in money markets
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Bank borrowers are laying the groundwork for what could be a busy September for covered, subordinated and MREL issuance
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Three covered bonds issued this week from Korean Housing Finance Corp, Caffil and Oberbank were well received, but they would not have made it over the line without attractive new issue concessions.
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Austria’s Oberbank issued its first green covered bond on Thursday under its newly established green framework. Consistent with recent deals, the transaction was priced 2bp inside the initial spread with a 2bp new issue concession as investors showed once again that they are sensitive to price.
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Hypo Noe considerably narrowed the new issue concession for its €500m 10 year covered bond compared to previous deals when it issued on Wednesday. However, it did not achieve its spread ambition, as investors left the order book.
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Österreichische Kontrollbank (OeKB) will be ready to issue floating rate notes linked to the recommended new risk free rates in sterling and dollars in the third quarter of 2021.
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Oesterreichische Kontrollbank hit the market for sterling paper on Tuesday, extending its curve with a 2025 maturity.
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
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Asfinag, the Austrian state-owned agency that manages the country's motorways, had the euro market to itself on Wednesday. A cheap starting point earned the borrower a huge order book for the €500m bond.
