Austria

Oberbank was comfortably subscribed on Tuesday for its debut covered bond, which was priced in line with a recent French benchmark despite being only €300m in size, having a tricky 15 year tenor and arriving amid increasing volatility in credit markets.

Austria's Oberbank has mandated leads to roadshow its first covered bond.

Covered bond deals issued on Tuesday by Deutsche Bank and Hypo Oberösterreich offered concessions of less than 2bp, illustrating that spreads have stabilised. With supply likely to remain low over the next few weeks, the more supportive backdrop should persist.

Raiffeisen Landesbank-Steiermark attracted strong demand for the most generously priced 15 year Eurozone covered bond of the year, and the first from an Austrian lender in this tenor. The level of excess demand suggests market conditions may have begun to improve.

Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.

Hypo Noe surfaced with a €500m senior bond on Monday, having waited three weeks after the end of a roadshow before bringing the deal to euro investors.

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.

RHI Magnesita, the Austrian-Brazilian maker of refractory products, has refinanced its debt with a new €305.6m five year term loan.

Guarantor: Republic of Austria

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.

Index provider Limeyard said on Wednesday it had entered into a partnership with the Vienna Stock Exchange under which they will develop indices together.

Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance.