Austrian Sovereign

As European sovereigns gear up for a busy period of auctions in late August and September, here are the latest funding figures for selected issuers.

France, Germany and Spain held well received auctions of medium to long term debt this week. Here is a round-up of key European sovereigns' funding figures.

A pair of issuers raised €3bn at the mid to long end of the curve on Tuesday, ahead of potential volatility at the end of the week caused by central bank meetings, US holidays and data releases.

Austria’s OeBB Infrastruktur became the second issuer to attempt a euro benchmark after the FOMC plunged markets into turmoil last week. Unlike its compatriot Asfinag, which sold a €750m 20 year earlier this month OeBB managed to get a benchmark sized issue done but suspicions away from the trade were that it relied upon heavy lead manager support.

This week's funding scorecard focuses on some of Europe's key sovereigns. Next week's scorecard will offer an update on Spanish regions and gencies.

Belgium took a flexible approach to funding this week, printing a pair of privately placed callable notes — a rare structure for a sovereign issuer.

Investor enthusiasm for SSA euro assets in today’s weaker market seemed to stumble at the Republic of Austria’s two tranche RAGB syndication launched this morning.

The Austrian Federal Financing Agency could achieve an attractive 1.75% coupon with a skinny spread to swaps if it opts for a 10 year syndication this month, said SSA bankers on Monday, as the country cancelled an auction.

SSA issuers are queuing up to print new business after a week that saw a rampant dollar market which included $10bn of new funding for the EIB and KfW and the first Spanish dollar trade in four years, and a euro market which gobbled up a new Belgian OLO and forgave Agence Française de Développement for attempting too tightly priced a deal a fortnight ago (see separate coverage).

The Republic of Austria’s funding needs for the year could be slightly lower than anticipated, SSA Markets understands, as 2012 government revenues may turn out to be higher than expected.

The Dutch State Treasury Agency (DSTA) is considering the possibility of issuing a dollar bond as part of a funding programme that has seen a slight reduction in size from 2012. The borrower is one of three north European sovereigns to announce their funding plans for 2013 this week.

The European Investment Bank and KfW added to the glut of dollar benchmark supply on Tuesday with new benchmark trades.