In 2008, 23 Dealers have

More Magazines

Recommendations

Info

In 2008, 23 Dealers have been selected as primary dealers for Austrian Government bonds (RAGBs). The tasks of the primary dealers include an active and lively participation in the primary market as well as in the secondary market. In 2008, ten bond auctions have been carried out, resulting in an issuance amount of EUR 10.17 bln. 9 The overall funding amounted to EUR 19.98 bn in 2008. Bond Auctions for RAGBs in 2008 Auction Date Issue Amount EUR Average Accepted Yield 3.9% RAGB 2005-2020/1/144A 09-Dec-2008 1,100,000,000 4.022% 3.5% RAGB 2005-2015/2/144A 07-Oct-2008 550,230,000 3.902% 4.15% RAGB 2007-2037/1/144A 02-Sep-2008 604,759,000 4.707% 4.350% RAGB 2008-2019/1/144A 08-Jul-2008 550,000,000 4.694% 4.65% RAGB 2003-2018/1/144A 03-Jun-2008 550,000,000 4.505% 4.350% RAGB 2008-2019/1/144A 06-May-2008 550,000,000 4.395% 4.350% RAGB 2008-2019/1/144A 01-Apr-2008 550,000,000 4.237% 4.3% RAGB 2007-2017/2/144A 04-Mar-2008 1,100,000,000 3.980% 4.3% RAGB 2007-2017/2/144A 05-Feb-2008 614,279,000 3.985% 4.35% RAGB 2008-2019/1/144A 08-Jan-2008 4,000,000,000 4.360% Top 10 primary dealers for RAGBs in 2008 1. Morgan Stanley 2. BNP Paribas 3. HSBC 4. Goldman Sachs 5. Merrill Lynch 6. Nomura 7. Citigroup 8. UBS 9. Dresdner Bank 10. Bank of America 1. Citigroup 2. Bank of America 3. UBS AG 4. Credit Suisse 5. Goldman Sachs 6. Deutsche Bank AG Austrian Treasury Bills Most Active Dealers in 2008 The programme also includes a «dealer of the day»-option. ATBs are available in different currencies and are issued on a daily basis. There are no fixed auction dates for Austrian Treasury Bills, the terms and conditions are negotiated on a tailor-made basis. 7 6 5 4 3 2 1 0 10 year austrian benchmark yield and spreads versus Germany Yield in % AT benchmark yield (lefthand scale) 10y government-spreads BE FR IT AT 1999 2000 2001 2002 2003 2004 2005 annual average spread in bp 2006 2007 2008 80 70 60 50 40 30 20 10 0 9 for the latest statistics see also http://www.oebfa.co.at Hohensalzburg Fortress, Salzburg © Tourismus Salzburg 6 | Annual Review 2008
Funding Strategy of the Republic of Austria in 2009 After the budget 2009-2010 release on April 21, 2009, the projected total issuance volume for 2009 amounts to 28 – 34 EUR bn. This figure includes all funding instruments. A major part of the funding is realized through monthly auctions. The auction calendar of 2009 is outlined as follows: Date Value Date Volume January 8 January 15 EUR 3 bln syndicated issue RAGB Oct 2014 February 10 February 13 EUR 1.79 bn increase of RAGB July 2020 March 10 March 13 EUR 1.72 bn incease of RAGB Oct 2014 April 7 April 14 EUR 0.89 bn increase of RAGB 2019 and EUR 0.60 bn increase of RAGB 2037 May 5 May 8 EUR 0.96 bn increase of RAGB 2019 and EUR 1.14 bn increase of RAGB 2014 June 9 June 12 July 7 July 10 Volumes and tenors are announced (August 4) (August 7)* one week prior to the auction date September 1 September 4 Oktober 6 Oktober 9 November 3 November 6 December 1 December 4 *) Reserve auction date As of End-April 2009, about 45% of the plan has been completed. Austria has a prestigious panel of primary dealers consisting of 15 international and 6 domestic banks. The ranking depends on a variety of factors and takes volume as well as qualitative factors into account. For 2009, the selection of primary dealers includes the following banks: Dealers for RAGBs Barclays BAWAG P.S.K. BNP Paribas Calyon Citigroup Credit Suisse Deutsche Bank Dresdner Bank / Commerzbank Erste Bank Goldman Sachs HSBC France J.P. Morgan Merrill Lynch Morgan Stanley Nomura Oberbank Volksbank Royal Bank of Scotland RLB OÖ RZB UBS Diversity has always been a key element in the Republic of Austria’s funding strategy. The mix of investors is well diversified across geographic regions and investor categories. The investor base is a mix of around 30% domestic and around 70% international accounts. Central banks, supranational organizations and other high-investment grade investors are the key holders of Austrian government debt. Funding sources include a variety of instruments, including stateof-the-art electronic auctions of government bonds, Treasury bills, and standardized formats like EMTN-Programs and loan formats. The documents are available for download on the website http://www.oebfa.co.at/d/8/index.htm. The Austrian Treasury Bill (ATB) program is active in different currencies and maturities: Austria is a rare issuer. Typically, one or two deals are syndicated per year, complementing the monthly auctions. Market share of issuance within the Eurozone is in the range of 2 to 3%. Liquidity of Austrian government paper is enhanced by increasing the size of outstanding issues on a regular basis. List of Austrian government benchmark bonds Benchmark Bond Maturity 4% RAGB 1999-2009/2 15-Jul-2009 5.5% RAGB 1999-2010/4 15-Jan-2010 5.25% RAGB 2001-2011/1 04-Jan-2011 5% RAGB 2002-2012/1/144A 15-Jul-2012 3.8% RAGB 2003-2013/2/144A 20-Oct-2013 4.3% RAGB 2004-2014/1/144A 15-Jul-2014 3.5% RAGB 2005-2015/2/144A 15-Jul-2015 4% RAGB 2006-2016/2/144A 15-Sep-2016 4.3% RAGB 2007-2017/2/144A 15-Sep-2017 4.35% RAGB 2008-2019/1/144A 15-Mar-2019 3.9% RAGB 2005-2020/1/144A 15-Jul-2020 3.5% RAGB 2006-2021/1/144A 15-Sep-2021 6.25% RAGB 1997-2027/6 15-Jul-2027 4.15% RAGB 2007-2037/1/144A 15-Mar-2037 Bank of America BAWAG P.S.K. Barclays Capital Citigroup Credit Suisse Dealers for ATBs Deutsche Bank AG Goldman Sachs RZB UBS AG UniCredit Group Bank Austria The debt portfolio of the republic of Austria consists of 95% fixed rate and 5% floating rate debt, with a typical duration of between 5 and 6 and an average tenor of 8 to 9 years. In that way, the refinancing risks and the rollover ratio compared to GDP are among the lowest within the Eurozone countries. Two Skiers © Österreich Werbung / J. Mallaun Annual Review 2008 | 7
Page 1 and 2: Republic of Austria Debt Management
Page 3 and 4: Economic and Budgetary Key Data for
Page 5: Credit Ratings Austria is rated AAA

Republic of AustRiA Debt MAnAgeMent - Austrian Federal ...

Transform your PDFs into Flipbooks and boost your revenue!

Republic of AustRiA Debt MAnAgeMent - Austrian Federal ...

Transform your PDFs into Flipbooks and boost your revenue!

Delete template?

Save as template ?