Austria
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HTM Sport, the Austrian subsidiary of sports and clothing brand Head, has returned to the Schuldschein market looking for debt in euros and dollars. -
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The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.
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The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.
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VIENNA PRIVATE DEBT ROUNDTABLE The Schuldschein market is widening its circle of issuers and investors. It is now a natural choice for Austrian companies wanting to complement bank funding, but not necessarily big enough to issue public bonds.
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Rail Cargo Austria, the railway cargo subsidiary of Austrian railways operator ÖBB Holding, entered the Schuldschein market on Monday for a minimum of €100m.
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OP Corporate Bank offered sold a senior non-preferred bond in euros on Wednesday, the whose success of which surprised market participants with its pricing and demand of more than three times the deal size. Oberbank also went to market with a senior preferred bond that did not attract as much demand.
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BAWAG, SP Mortgage Bank and Tatra banka have all set their sights on the euro covered bond market, mandating for deals across the maturity spectrum.
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A new section of the Schuldschein market is emerging, thanks to a virtuous circle. Property companies, until recently largely absent from the market, have begun to issue Schuldscheine, and these are attracting insurance companies, which rarely invest in the product because yields are too low.
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Covered bond deals issued on Tuesday by the Swedish Covered Bond Corp (SCBC) and UniCredit Bank Austria were priced tightly but the market proved softer than recent sessions and price sensitivity limited the Swedish bank’s size ambitions.
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A €335m sale of shares in Austrian bank Bawag was sold on Thursday night, the first equity capital markets transaction in the bank’s stock since its 2017 IPO.
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NN Bank entered the market on Thursday to seek €500m of senior funding, while Oberbank and Capital One are the latest names to announce plans to raise funding in the format in euros.
