• Excellent investor reception with book 5-times oversubscribed
  • Price tightening by 4 basis points during book building process to price at SOFR Mid-Swaps +35 basis points 
  • Final orderbook included 97 investors

Strong investor demand of over USD 5.2bn allows for tight pricing of new OeKB three-year USD Benchmark

On January 11, 2023, OeKB very successfully issued a 3-year USD Global Bond with a volume of USD 1bn. Despite the ongoing macroeconomic uncertainty, the primary market was very constructive from the outset of the year and offered an ideal issuing window in the second week of January.

The issue was met with extremely strong demand by the international investor community and the order book grew rapidly. Following the formal opening of books the next morning, the order book continued to grow from USD 2.9 bn to USD 4 bn within 30 minutes. Despite tightening the SOFR Mid Swap spread by 4 bps and setting the spread at +35 bps, the final order book closed in excess of USD 5.2 bn, so was 5-times oversubscribed and of the highest quality.

The coupon was set at 4.125% and the re-offer price at 99.86%. The three-year bond was priced at a spread to Treasuries of 21.98 basis points.

Lead Managers were Barclays Bank Ireland, Citigroup Global Markets Europe, Goldman Sachs Europe and HSBC Bank plc.

Facts and Figures

  • Distribution by investor type: Central banks and official institutions 48%, Bank treasuries 37%, Asset Managers 11% and pension funds/insurance 4%
  • Distribution by region: Americas 51%, EMEA 37%, Asia 12%
  • The issue carries an unconditional and explicit guarantee of the Republic of Austria and is rated Aa1/AA+ by Moody’s and Standard Poor’s respectively.  

Attractive conditions for Austria's exporters

One of OeKB’s main tasks is to support exporters with loans at attractive financing conditions in cooperation with their banks. OeKB finances these loans by placing bonds with international investors on the capital market. 

All OeKB bonds are guaranteed by the Republic of Austria. This enables OeKB to obtain favourable conditions on the capital market and to pass these on to the exporters. OeKB's long-term financing needs amount to around 4 to 5 billion euros annually.


All OeKB Bonds at a glance

Please find a comprehensive overview of all OeKB bonds here.
OeKB Bonds Overview