Austria

Vonovia, the German housing company, is likely to issue debt next year, to finance its €5.2bn cash offer for Austrian peer Buwog, announced on Monday morning.

The City of Vienna’s long-dated loans are three times subscribed three weeks into the marketing process. As investor appetite grows for longer-dated maturities, corporates are beginning to find luck with the product.

Austrian oil and gas company OMV discovered on Thursday that investors are far from finished with the investment grade corporate bond market in 2017. The strength of demand for its new nine year deal resulted in the company printing its largest ever bond.

The City of Vienna’s loans are three times subscribed three weeks into the marketing process, as investor appetite grows for longer-dated maturities.

The City of Vienna entered the Schuldschein market on Thursday with a €75m triple tranche transaction.

Oesterreichische Kontrollbank reopened a Kangaroo line on Monday and found interest from investors that are not often seen in Australian dollar SSA deals.

The IPO market in Europe lost some of its vigour this week, as several deals traded badly in the aftermarket, raising fears that deal quality is deteriorating and pricing is being pushed too far, writes Aidan Gregory.

Bankers selling the large quantity of IPOs in process in Europe will not be pleased to see that shares in Bawag, the Austrian bank, are trading 1% down after their debut on the Vienna Stock Exchange. Earlier this morning they were as much as 4% down, so there appears to be a recovery in progress.

Shares in Bawag, the Austrian banking group, closed below their offer price on Wednesday after the company priced its €1.68bn IPO at €48 a share, near the bottom of the initial €47 to €52 range.

After a successful two week investor education process, Bawag, the Austrian bank, has unveiled the terms for its IPO on the Vienna Stock Exchange, which could value it at up to €5.2bn if it is priced at the top of the range.

The votes are in on last week's solitary benchmark from the SSA sector. The BondMarker voters have delivered their verdict on Oesterreichische KontrollBank's €1.5bn September 2024 note.

Bawag, the Austrian banking group that has been owned by Cerberus since 2007, will attempt to go public in Vienna this autumn, with an IPO that will provide a serious test of the strength of investor demand for the European banking sector.