Austria
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Crédit Agricole has pulled out of the primary dealerships of three countries, the latest bank to scale down the number of countries in which it is active as a PD. It is unlikely to the be the last this year, according to a GlobalCapital poll of DCM heads. -
Immofinanz, the Austrian property company, issued a €300m convertible bond in an evening bookbuild on Thursday night, alongside an incentivised early conversion of its €515m CB that matures in March 2018.
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Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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Société Générale SFH was set to issue a well oversubscribed mortgage backed seven year bond on Wednesday as Bawag shouldered a frostier reception for its public sector loan backed Austrian 10 year.
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Erste Bank adopted a cautious pricing approach with its €750m 10 year Austrian Pfandbrief, which was priced on Tuesday when there was no other competing covered bond supply.
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Dedalus Holding, the Italian clinical health software company controlled by private equity firm Ardian, is set to list on the Third Market of the Vienna Börse a €72m floating rate note to refinance its debt.
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Three public sector borrowers tapped the sterling market this week in a late spurt of issuance driven by the basis swap and a move in outright yields and, with 2017 brimming with political risks, borrowers might be advised to look for opportunities in the currency next year.
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The public sector bond market rode out the widely expected ‘no’ result of the Italian constitutional referendum on Sunday night, as bankers looked at a possible silver lining in the form of a more dovish European Central Bank meeting on Thursday.
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Austria’s Central European Gas Hub has moved its exchange spot and futures contracts over to the PEGAS pan-European platform managed by Powernext.
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Oesterreichische Kontrollbank printed a Nkr500m ($59.2m) four year note on Thursday. After a month when KfW, Nordic Investment Bank and Rentenbank placed bonds in the Nokkie market, OeKB knew there were investors prepared to fund European agencies.
