Austria
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Oesterreichische Kontrollbank mandated Danske Bank to raise a minimum of Nkr500m ($59.2m) for a four year Nokkie note on Tuesday. -
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The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.
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The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.
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Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.
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Raiffeisenlandesbank Niederoesterreich-Wien AG’s public sector backed covered bond programme has been rated Aaa with Moody’s.
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Hypo Oberösterreich’s first transaction issued from its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.
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The Austrian lender’s first transaction issued off its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.
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Berlin Hyp issued a €175m tap on Wednesday after it emerged that Crédit Agricole would not be proceeding with its previously announced 10 year. Meanwhile, Hypo Oberoesterreich signalled its intention to press ahead with its debut covered bond.
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Bawag PSK became the first bank to print a senior unsecured note offering a negative yield in Swiss market history this Wednesday. Swiss bankers wonder how the small A3 rated Austrian borrower managed to sneak into the record books.
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The Kangaroo market has faced a variety of challenges but, for each challenge, it has evolved to provide new pockets of value for investors and to meet borrowers’ requirements as they respond to the constantly shifting market realities. By Lewis McLellan.
