Austrian Sovereign
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The Kangaroo market has faced a variety of challenges but, for each challenge, it has evolved to provide new pockets of value for investors and to meet borrowers’ requirements as they respond to the constantly shifting market realities. By Lewis McLellan. -
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The Asian Development Bank and Oesterreichische Kontrollbank hit screens with dollar deals on Monday, with ADB adding more supply to a burst of dual tranche trades that included deals last week by the World Bank and the Japan Bank for International Cooperation.
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A source on the Austrian side of negotiations concerning Heta, the State of Carinthia and the Ad Hoc Group of creditors has revealed the depth of feeling regarding a potential payout to Heta’s creditors, saying that such a payment would be “political suicide” for any politicians involved in the deal.
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A brewing crisis over guarantees made by the southern Austrian province of Carinthia has shown little sign of resolving, with creditors drawing up parallels between the state and Argentina's spectacular default.
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Creditors have rejected the chance to sell to the Austrian province of Carinthia discounted bonds in Heta, the bad bank created in 2009 to dispose of the assets of Hypo Alpe Adria.
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A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.
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SSA issuers have come through a battering time in markets to print euro deals, with Austria hitting the long end of the curve and BNG also printing. But the scars are showing as KfW is demonstrating in the dollar market.
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Austria has printed €5bn in a dual tranche issuance, pricing in 10 and 30 year tenors as the sovereign took advantage of a window of opportunity arising from a rally in global equities.
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Austria is to print a 10 year benchmark as investor sentiment rebounded after a torrid time last week as BNG priced a seven year bond.
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Swiss franc investors made the most of a rare opportunity to buy Austrian sub-sovereign paper on Thursday when Land Niederoesterreich (Lower Austria) tapped its April 2021 and September 2023 bonds.
