Austrian Sovereign
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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.
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Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.
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Oesterreichische Kontrollbank this week became the latest public sector borrower to return to the sterling market after a lengthy absence — and was rewarded with its largest ever issue in the currency at £350m.
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Oesterreichische Kontrollbank has mandated banks for its first sterling deal in 1.5 years, joining a host of other public sector issuers to return to the currency this year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.
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Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.
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The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.
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A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.
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