Austria
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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Société Générale SFH was set to issue a well oversubscribed mortgage backed seven year bond on Wednesday as Bawag shouldered a frostier reception for its public sector loan backed Austrian 10 year. -
Erste Bank adopted a cautious pricing approach with its €750m 10 year Austrian Pfandbrief, which was priced on Tuesday when there was no other competing covered bond supply.
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Dedalus Holding, the Italian clinical health software company controlled by private equity firm Ardian, is set to list on the Third Market of the Vienna Börse a €72m floating rate note to refinance its debt.
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Three public sector borrowers tapped the sterling market this week in a late spurt of issuance driven by the basis swap and a move in outright yields and, with 2017 brimming with political risks, borrowers might be advised to look for opportunities in the currency next year.
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The public sector bond market rode out the widely expected ‘no’ result of the Italian constitutional referendum on Sunday night, as bankers looked at a possible silver lining in the form of a more dovish European Central Bank meeting on Thursday.
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Austria’s Central European Gas Hub has moved its exchange spot and futures contracts over to the PEGAS pan-European platform managed by Powernext.
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Oesterreichische Kontrollbank printed a Nkr500m ($59.2m) four year note on Thursday. After a month when KfW, Nordic Investment Bank and Rentenbank placed bonds in the Nokkie market, OeKB knew there were investors prepared to fund European agencies.
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Oesterreichische Kontrollbank mandated Danske Bank to raise a minimum of Nkr500m ($59.2m) for a four year Nokkie note on Tuesday.
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The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.
