Austrian Sovereign
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Public sector borrowers are taking different approaches to the MTN market as they look to see out the rest of the funding year. -
Österreichische Kontrollbank and Erste Abwicklungsanstalt priced well received dollar deals on Tuesday. The pipeline in the currency is building with Bank Nederlanse Gementeen and Swedish Export Credit Corporation having lined up three year trades.
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Österreichische Kontrollbank will complete its benchmark funding for the year with a no-grow $1bn five year. Meanwhile, Erste Abwicklungsanstalt has lined up its second dollar deal of the year in the three year part of the curve.
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Erste Group has arranged a Schuldschein via blockchain, through a platform it helped construct alongside Linux Foundation’s Hyperledger Fabric.
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Österreichische Kontrollbank could issue one more benchmark before the year end at the short end of the curve, according to a treasury official at the agency.
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Österreichische Kontrollbank mandated banks for a three year dollar benchmark global on Tuesday, with strong investor demand for the currency as a result of a lack of supply.
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The Republic of Austria has reduced its benchmark government bond funding target for 2018 by 15%, mainly due to a further downpayment from the sale of bad bank assets.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
