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Austria dual-tranche 4y/50y syndication

EGB SYNDICATION
  • Austria will also come to the market in the "near future", holding a 4y/50y dual-tranche syndication. We expect the transaction to take place today.
  • The 4-year RAGB will mature 20 April 2025 while the 50-year will mature 20 April 2071.
  • This will be the second syndication of 2020, following the E4bln 10-year 0% Feb-31 RAGB syndication held on 27 January. That transaction saw books of E32bln.
  • Austria held a dual-tranche transaction last year as lockdowns began across Europe in March. E5bln of the 3-year 0% Apr-23 RAGB was sold alongside E2.5bln of the 30-year 0.75% Mar-51 RAGB. In addition last year, Austria sold E2.5bln of the 20-year 0% Oct-40 in October and E2bln of the 100-year 0.85% Jun-2120 RAGB in June.
  • With target RAGB issuance at E24.5bln this year (relative to the E40.5bln sold last year), we think there is a chance we see a slightly smaller transaction than last year. We look for a E4-5bln range for the 4-year and closer to E2bln for the 50-year.
  • Pricing timings: 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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