Austrian Sovereign
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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.
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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.
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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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A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.
