Austrian Sovereign
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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.
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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.
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The European Investment Bank and KfW added to the glut of dollar benchmark supply on Tuesday with new benchmark trades.
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The European Investment Bank and Republic of Austria are considering dollars deals this week, SSA Markets understands. The deals will test demand for more expensive names in dollars, after blow-outs from a pair of European agencies and a Canadian province last week, as ultra low swap levels squeeze spreads over Treasuries.
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The Republic of Austria has increased its commercial paper outstanding by 40% over the past month and lengthened its average tenors. That follows “enormous” demand for the country’s short term debt that has led to secondary market yields turning negative. -
Standard & Poor’s placed 15 eurozone sovereigns on CreditWatch with negative implications on Monday. Six of those countries, including Austria, Germany and the Netherlands, are rated triple-A.
