Austria

Guarantor: Republic of Austria

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.

Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.

Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.

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Austria's 100 year bond, priced on Tuesday, highlighted just how far investors will go — and in their droves — to earn a bit of yield, with even the imminent threat of rising rates in euros unable to deter them from placing orders more than three times the size of a deal that was by no means measly. Lewis McLellan reports.

Austria, defying any concerns about the normalisation of monetary policy, launched the first ever 100 year syndication in Europe on Tuesday, exciting investors with a 2.112% yield.

Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.

Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.

Banco di Desio e della Brianza attracted outstanding demand for its debut covered bond, reflecting its rarely seen juicy spread and a scarcity of Italian supply this year. At the same time investors were receptive to Raiffeisenlandesbank NiederÖsterreich-Wien's (RLB NÖ-Wien) first deal in two years.

After an absence of almost two years, Austria’s Raiffeisenlandesbank Niederoesterreich-Wien (RLB Noe-Wien) mandated joint leads for a seven year euro benchmark covered bond.

Telekom Austria took advantage of a lack of competing supply on Monday to tap its December 2026 issue. Investors liked the €250m no-grow deal enough for it to command a single-digit new issue premium.