Austrian Sovereign
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The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer. -
Österreichische Kontrollbank (ÖKB) kept up the strong momentum from European public sector borrowers in the dollar market on Thursday with a well received five year deal which priced through its own curve.
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The EIB kicked off the post-Labor Day SSA dollar market on Wednesday with a five year deal, it's third of the year. Oesterreichische Kontrollbank (OeKB) is set to follow, having mandated for its second five year dollar deal of the year.
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Australia and New Zealand launched their first syndications of their 2020-21 fiscal years on Monday.
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Investors flooded the books for Austria’s latest foray into ultra-long debt, with more than €17bn of orders for a bond maturing in 2120 with a yield of only 88bp. But despite the clear appetite for duration, some are concerned that recent, unprecedented monetary stimulus will lead to inflation, writes Lewis McLellan.
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Austria returned to the 100 year part of the curve — a tenor it has made its own — receiving its strongest ever order book for the maturity.
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Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.
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Austria and Belgium could bring syndicated transactions as early as next week, according to SSA bankers, after both sovereigns recently announced bigger funding programmes in response to the coronavirus pandemic.
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The Austrian treasury has shaken up its funding outlook for the year as a result of the Covid-19 pandemic. Its new planned issuance total is almost double the previous target.
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Austria made a rare trip to the dollar market last Thursday as it raised $600m via a reverse enquiry-led private placement, GlobalCapital understands.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 30. The source for secondary trading levels is ICE Data Services.
