- tightest-ever US-Treasury spread of 7.2bp for an OeKB USD Global in five years
- price tightening by 3 basis points during book building process to price at SOFR Mid-Swaps +32 basis points
- participation by more than 70 international investors
High-quality and well diversified investor demand for OeKB´s final USD Global benchmark allows for record tight pricing
On August 26, 2026, OeKB successfully issued its final USD Global benchmark bond of the year with a five-year maturity and a volume of USD 1 bn. The USD primary market opened strongly with the five-year tenor still yielding lucrative spreads versus Swaps and Government Bonds. The early issuance window after the summer break allowed OeKB to capture broad investor interest in a USD deal that was capped at USD 1bn from the outset, due to the issuers’ well advanced funding program for the year.
At its formal opening the next morning, the order book stood at over USD 2.6 bn which allowed for the price guidance to be revised down by one basis point. Subsequently, the book continued its strong momentum with further high-quality investors placing their orders into the book, allowing a final price adjustment by another two basis points to set the spread at SOFR +32 basis points. The final orderbook included total orders of more than USD 3.4 bn and the transaction was priced at a spread of only 7.2 basis points to US government bonds - a record tight spread for OeKB in this maturity.
The coupon was set at 4.375% and the re-offer price at 99.658%.
Facts and Figures
- Lead managers: BNP Paribas, Goldman Sachs, RBC and Toronto Dominion.
- Distribution by investor type: Central banks und Official Institutions 49%, Banks & Bank Treasuries 35%, Asset Managers 11% and Other 5%.
- Distribution by region: Americas 36%, Europe 35%, Asia 15%, Middle-East 11% and Others 3%.
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.
