Austrian Sovereign
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The Republic of Austria has reduced its benchmark government bond funding target for 2018 by 15%, mainly due to a further downpayment from the sale of bad bank assets. -
There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first in that maturity from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, five years was very much in vogue in the dollar market — although there were some signs of investor fatigue by the end of the week, despite more issuers being expected to look at the tenor next week.
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Index provider Limeyard said on Wednesday it had entered into a partnership with the Vienna Stock Exchange under which they will develop indices together.
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Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance.
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Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.
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The City of Vienna’s long-dated loans are three times subscribed three weeks into the marketing process. As investor appetite grows for longer-dated maturities, corporates are beginning to find luck with the product.
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The City of Vienna’s loans are three times subscribed three weeks into the marketing process, as investor appetite grows for longer-dated maturities.
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The City of Vienna entered the Schuldschein market on Thursday with a €75m triple tranche transaction.
