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Austria 15y RAGB syndication preview

EGB SYNDICATION
  • Austria will hold a syndication for a new 15-year RAGB maturing 20 October 2036 in the "near future". We expect the transaction to take place today.
  • This will be the third syndication transaction of 2021 (fourth syndicated issue).
  • The 4bln 10-year 0% Feb-31 RAGB syndication was held on 27 January. That transaction saw books of E32bln.
  • On 27 April, Austria held a dual-tranche 4/50-year transaction. The 0% Apr-25 RAGB saw E4.5bln sold (E4.0bln allotted) with books of E26.6bln. The 0.70% Apr-71 RAGB saw E2bln sold (E1.75bln allotted) with books of E13.0bln.
  • We would expect the transaction size to be E2.5-3.5bln.
  • Pricing timings: The April transaction priced around 16:20. The January 2021 transaction priced around 14:00. The January 2020 and October 2020 syndications priced around 14:40, the June syndication around 15:20 and the March 2020 dual-tranche around 16:15. All times are UK.

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