• Very large order book with a total volume of over USD 4.6 billion
  • Price tightening by 3 basis points during book building process to price at SOFR Mid-Swaps +25 basis points
  • Final orderbook included over 93 investors

Strong investor demand for OeKB´s USD 1.5 bn global benchmark with a 3-year maturity

On May 14, 2024, OeKB very successfully issued its second USD 1.5 bn global benchmark of the year, this time with a 3-year maturity after a 5-year global bond at the beginning of the year. Despite the ongoing geopolitical turbulences, the primary market was very constructive for issuers of the highest quality. The week of May 13 provided an ideal issuing window for this transaction, since there was no competing supply expected in the 3-year sector from other Sovereign/Supra/Agency issuers.

The issue was met with exceptionally strong demand from the international investor community. Following the formal opening of books the next morning, the order book stood at over USD 3.3 bn and continued to grow. Despite tightening the SOFR Mid Swap spread by 3 basis points and setting the spread at +25 bps, the final order book closed in excess of USD 4.6 bn. The bond was issued at an exceptionally tight spread of only +11.7 basis points vs. US Treasuries.

The coupon was set at 4.75% and the re-offer price at 100.00%. 

Lead Managers:  Barclays Bank Ireland PLC, Bank of America Securities Europe, HSBC Bank plc and TD Securities.

Distribution by investor type:
Banks & Bank Treasuries 44%, Central banks /Official Institutions 38%, Asset Managers 11% and Others 7%.

Distribution by region:
Americas 46%, Europe 40%, Asia 9%, Middle-East/Africa 5%

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 5 to 6 billion euros annually.


All OeKB Bonds at a glance

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