Austria
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The head of Austria’s debt management office, Markus Stix, previews the first sale of sovereign green T-Bills and discusses the country’s growing ESG funding task -
Record tight spread through swaps but 5bp concession needed
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Upcoming deals to test the curve from two years out to nine
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Austrian covered bond issuance has sharply increased in 2022
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The deal follows a hiatus of 10 year covered bond issuance, reinvigorating confidence in the tenor
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Collapse in yields may boost demand for longer dated bonds
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Short duration allows RLB Niederösterreich-Wien to take size
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Aareal and Wuestenrot offer single digit premiums for short, defensive deals
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Investors gobble up green deal despite it being more expensive than shorter debt from same issuer
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Some investors are waiting for covered bond spreads to widen before jumping into the primary market
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Austria to debut in green bond market, while Italy faces pricing into widening spreads
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The long tenor was a bone of contention and investors had plenty of other deals on offer
