Austria

A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).

Guarantor: Republic of Austria

Oesterreichische Kontrollbank navigated a tricky dollar market to raise $1bn on Wednesday, as dwindling swap spreads returned to haunt public sector borrowers.

A European agency is set to bring what will be the first dollar benchmark of the week from a public sector borrower, after mandating banks for a deal on Tuesday.

Raiffeisenlandesbank Niederösterreich-Wien AG issued a €500m long five year covered bond on Tuesday and despite its attractive new issue premium, which led to a repricing of the issuer's curve, the deal was only moderately oversubscribed.

The beleaguered Austrian lender has announced the completion of its partial sale and split into KA New and KA Finanz.

Raiffeisenlandesbank Niederösterreich-Wien and Banca Carige have mandated leads for covered bond roadshows that will start in early October.

The beleaguered Austrian lender has announced the completion of its partial sale and split into KA New and KA Finanz. The asset pools of both are high quality but the covered bond ratings of KA New look more vulnerable than those of KA Finanz, analysts said.

Raiffeisenlandesbank Niederösterreich-Wien AG has mandated leads for a covered bond roadshow to commence in early October.

ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.

Deals issued on Tuesday from Westpac New Zealand and Spain's CRCLM failed to gain much traction despite attractive pricing. Another from Bawag, its first in three years was more comfortably oversubscribed.

Immofinanz, the Austrian property company, conducted a €150m accelerated bookbuild on Tuesday evening in shares of its affiliate Buwog, a residential property developer. It was the culmination of a complex and carefully designed process to redeem a €375m exchangeable bond. The sale was priced at the market closing price, without a discount.