Austria
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RHI Magnesita, the Austrian-Brazilian maker of refractory products, has refinanced its debt with a new €305.6m five year term loan. -
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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Index provider Limeyard said on Wednesday it had entered into a partnership with the Vienna Stock Exchange under which they will develop indices together.
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Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance.
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Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date. At the same time, Brisbane Airport announced plans to diversify its investor base.
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AMS, the Austrian sensor supplier listed on SIX Swiss Exchange, priced a €600m seven year convertible bond on Monday, led by Deutsche Bank, that achieved a negative yield.
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Moody’s cited Hypo Vorarlberg’s recent capital strengthening measures in a decision to raise its credit ratings on Thursday, adding that it expected the Austrian bank to convert some of its legacy capital instruments into high trigger additional tier one (AT1s) in the near future.
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NIBC, Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) and BayernLB were easily able to sell 10 year covered bonds issued this week, thanks to their small size and European Central Bank demand.
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Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.
