Austria
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Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve. -
A pair of European sovereigns hit the market on Tuesday, raising a combined €12.5bn. Austria launched a four and 50 year dual tranche, but it was the short leg that raised eyebrows, demonstrating demand exists even below the ECB deposit rate.
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Slovakian lender Tatra Banka is hoping to launch its debut green bond in euros this week, with deal arrangers urging rare issuers to take advantage of quieter markets in the run-up to results season.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes at the end of March.
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Oesterreichische Kontrollbank (OeKB) debuted its sustainability framework in Norwegian kroner this week. With dollar swap spreads compressed, opportunities are opening for competitive funding in other, more niche markets.
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Mounting concerns over rising rates resulted in a fair degree of price sensitivity for a rare 20 year covered bond issued on Tuesday by Bawag, the Austrian lender. But with a little new issue premium, demand was still good.
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Berlin Hyp’s six year green Pfandbrief and Bawag’s 20 year vanilla covered bond attracted strong demand on Tuesday reflecting the paucity of supply, a steadier rates outlook, the rare tenors on offer and, in Berlin Hyp’s case, the green collateral. At the same time VUB mandated leads for a five year covered bond, the first from Slovakia this year.
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Volksbank Wien sold its first non-preferred senior deal on Friday, after a week of discussions with investors. The deal benefitted from a stronger tone in the euro market as investors reacted well to the latest meeting of the European Central Bank.
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.
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Hypo Tirol issued its first Pfandbrief to fund affordable housing on Thursday.
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Hypo Tirol Bank has mandated leads to roadshow its first social covered bond and SR Boligkreditt has mandated leads for a vanilla deal. Both issuers plan on following printing 10 year deals, where yields are almost positive.
