Austrian Sovereign
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively. -
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The Republic of Austria received huge investor demand for its five year euro benchmark on Wednesday, despite the bond being priced with a yield below the European Central Bank’s deposit rate. The sovereign also took advantage of the rally in eurozone government bond yields to tap its outstanding century bond for a further €1bn.
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The Republic of Austria hired banks on Tuesday for a five year syndicated bond while seeking investor feedback for a 100 year issue as it looks to lock-in super cheap funding following the recent rally in eurozone government bond yields.
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A series of modest taps at the long end of the Australian dollar curve at the end of last week suggests that what has been a quiet market for Kangaroo bonds could soon spark into life, according to SSA funding officials.
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The European Bank for Reconstruction and Development smashed its newly minted size record in sterling with its sophomore effort using the Sonia benchmark.
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There was another scorching start to the year for eurozone sovereigns this week with yet more records dropping as Belgium took its largest ever number of orders and Austria sold its biggest ever deal from its largest ever book. But it was the nature of the successes — Belgium with a long dated trade and Austria the most expensive 10 year of the year so far — that really caught the eye.
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Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.
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Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.
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