Austria
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Austrian catering services company Do & Co has issued a €100m convertible bond to shore up its balance sheet and fund investment opportunities once an economic recovery from the pandemic materialises. -
Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.
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The Austrian treasury will launch a new programme for treasury bills next year, using a schedule of frequent auctions. This will allow it to issue bigger deals to a broader investor pool, as short term funding becomes more important for Austria.
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The additional tier one (AT1) market has plenty of room left to rally, according to a new report from analysts at Morgan Stanley, even though valuations are already drawing close to other asset classes.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.
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Despite lower yields and some price sensitivity, Bawag found solid demand for its 15 year Pfandbrief, which was issued on Thursday flat to the curve.
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Austrian lender Bawag has taken advantage of the sell-off in rates markets to mandate leads for a 15 year covered bond which, like de Volksbank’s recent deal, should also deliver a positive yield.
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Austrian semiconductor maker AMS has returned to the convertible bond market for more financing, raising €750m.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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Austria built a large order book as it came to the market for its final syndication of the year on Thursday, ahead of the expected arrival of the European Union as a mega borrower next week.
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The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer.
