Austria
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Oesterreichische Kontrollbank has mandated banks for its first sterling deal in 1.5 years, joining a host of other public sector issuers to return to the currency this year. -
The European Energy Exchange will next month introduce financially settled Austrian power futures in response to the planned split of the German-Austrian electricity price zone.
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Sparkasse Hamburg extended its curve and priced a Pfandbrief inside fair value with good demand this week. At the same time Hypo Tirol paid a relatively small concession for its sub-benchmark Pfandbrief, suggesting any lingering concern over Austrian covered bonds following the Heta saga has been put to rest.
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Kommunalkredit Austria AG said on Monday that it had accepted all validly tendered bonds following its offer published May 4.
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Two Austrian banks and a Dutch bank have mandated leads for covered bond deals taking the number of banks in the covered bond pipeline to six.
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Legislators in the Czech Republic and Austria are in the process of updating their covered bond laws and Lithuania has set out its intention to introduce a framework.
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KA Finanz’s plans to convert into a wind down institution will strengthen its link to the Austrian state, but uncertainty over the regulatory and credit rating status of its covered bonds could cause its spreads to widen, said analysts this week.
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Kommunalkredit has invited noteholders to tender a trio of Swiss franc covered bonds.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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The French presidential election saga has taken another twist, with far-right candidate Marine Le Pen’s chances slipping — but those of Jean-Luc Mélenchon, from the other extreme of the political spectrum, rising. Asian investors are pulling back from deals until the election hurdle is cleared, say issuers — but the rise of Mélenchon may also provide an earlier than expected relief rally.
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Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark.
