- tightest-ever US-Treasury spread of 5.7bp for an OeKB USD Global
- price tightening by 3 basis points during book building process to price at SOFR Mid-Swaps +24 basis points
- participation of more than 70 international investors
High quality investor demand for OeKB´s second USD global benchmark allows for record tight pricing
On May 19, 2026, OeKB successfully issued its second USD global benchmark bond of the year with a three-year maturity and a volume of USD 1.25 bn. With a slowdown in primary supply driven by geopolitical uncertainty, the USD SSA (sovereign, supranational, and agency) market has been undersupplied in shorter tenors.
The issue was met with strong demand from the high-quality international investor community. At its formal opening the next morning, the order book stood at over USD 2.5bn which allowed for the price guidance to be revised down by two basis points. Subsequently, the book continued to grow with high quality investors placing their orders into the book, allowing a final price adjustment to set the spread at SOFR +24 basis points. The final orderbook included total orders of more than USD 3.4bn. The transaction was priced with a volume of USD 1.25bn at a spread of only 5.7 basis points to US government bonds - the tightest-ever spread for an OeKB global benchmark.
The coupon was set at 4.125% and the re-offer price at 99.701%.
Facts and Figures
- Lead Managers: BNP Paribas, Goldman Sachs, RBC and Toronto Dominion
- Distribution by investor type: Central Banks und Official Institutions 43%, Banks & Bank Treasuries 36%, Asset Managers 18% and Other 3%
- Distribution by region: Americas 46%, Europe 32%, Asia 16%, Middle-East/Afrika 6%
- 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.
