Austria

AMS, the Austrian maker of sensors and microchips, opened a new week in the equity-linked market on Monday with its first ever convertible bond issue, which was priced at attractive terms for the issuer.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded.

Guarantor: Republic of Austria

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.

Oesterreichische Kontrollbank has made a triumphant return to euros on Tuesday as it printed in the currency following a more than eight year absence. Elsewhere, Nederlandse Waterschapsbank sold a small long dated euro tap — a tactic SSA bankers expect to see more of.

Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.

Rating: Aa1/AA+/AA+

Austria's 100 year bond, priced on Tuesday, highlighted just how far investors will go — and in their droves — to earn a bit of yield, with even the imminent threat of rising rates in euros unable to deter them from placing orders more than three times the size of a deal that was by no means measly. Lewis McLellan reports.

Austria, defying any concerns about the normalisation of monetary policy, launched the first ever 100 year syndication in Europe on Tuesday, exciting investors with a 2.112% yield.

Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.

Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.