Austrian Sovereign
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday. -
A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.
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Crédit Agricole has pulled out of the primary dealerships of three countries, the latest bank to scale down the number of countries in which it is active as a PD. It is unlikely to the be the last this year, according to a GlobalCapital poll of DCM heads.
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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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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.
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The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.
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Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.
