Austria
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Kommuninvest and Oesterreichische Kontrollbank are set to bring deals at the short end of the dollar curve on Tuesday — by which time leads are hoping Monday’s turbulent swap spreads will have calmed. -
Zumtobel, the Austrian lighting manufacturer, made one change to its seven bank syndicate in a €500m loan refinancing.
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Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
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Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.
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Moody’s has withdrawn the Aa3 covered bond ratings of KA Finanz and downgraded those of KA New to Baa2. KA Finanz, which owns the euro benchmarks, has confirmed it will maintain a consistent overcollateralisation ratio and is seeking another rating from Standard & Poor’s. Despite this uncertainty, analysts expect the bonds owned by KA Finanz to outperform its peers.
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Austria Technologie & Systemtechnik (AT&S), an Austrian printed circuit board manufacturer, has tapped the Schuldschein market. The firm is getting more than an attractive interest rate, as it exploits the product’s Asian investors.
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A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).
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Oesterreichische Kontrollbank navigated a tricky dollar market to raise $1bn on Wednesday, as dwindling swap spreads returned to haunt public sector borrowers.
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A European agency is set to bring what will be the first dollar benchmark of the week from a public sector borrower, after mandating banks for a deal on Tuesday.
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Raiffeisenlandesbank Niederösterreich-Wien AG issued a €500m long five year covered bond on Tuesday and despite its attractive new issue premium, which led to a repricing of the issuer's curve, the deal was only moderately oversubscribed.
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The beleaguered Austrian lender has announced the completion of its partial sale and split into KA New and KA Finanz.
