Austrian Sovereign

Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday, despite substantial price tightening.

Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday despite substantial price tightening.

Voestalpine, the Austrian metals group, held an investor call on Tuesday ahead of a planned sub-benchmark euro market return.

Austria priced a syndication on Tuesday at a level just 1.5bp over its secondaries. The deal marks Austria’s second venture into syndicated issuance this year, after a dual-tranched effort in May.

Andy Jobst, a senior economist in the European department at the International Monetary Fund, told delegates to the ECBC/Euromoney covered bond conference that regulatory obstacles remained high, despite the political mandate for SME covered bonds and ABS.

S Immo, an Austrian property company, attracted very strong demand on Tuesday and Wednesday for a €100m five year bond issue, which it priced on Wednesday in the Austrian retail market.

This week's scorecard covers the funding progress of selected sovereign issuers. Read on to see which are over the 80% mark.

Austria priced a syndication on Tuesday at a level just 1.5bp over its secondaries. The deal marks Austria’s second venture into syndicated issuance this year, after a dual-tranched effort in May.

This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some wobbles in secondaries over the past month.

This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some recent wobbles in secondaries.

This week's scorecard covers the funding progress of sovereign issuers, with most issuers moving into the second half of their funding programmes. Next week's scorecard will deal with European supranationals and agencies.

Read on to see how selected benchmarks are faring in secondary. 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.