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    Home»Bonds»Austria Drops Plan to Sell 2086 Bonds as Duration Demand Wanes
    Bonds

    Austria Drops Plan to Sell 2086 Bonds as Duration Demand Wanes

    August 28, 2024


    (Bloomberg) — Austria decided not to proceed with a syndicated sale of long-maturity bonds on Wednesday, the latest sign of fading investor appetite for duration.

    Most Read from Bloomberg

    The nation’s debt agency said it will only go ahead with a five-year debt offering, according to people familiar with the matter who asked not to be identified. Earlier this week, it approached investors to gauge interest for a tap of its existing bonds due 2086, which pay a 1.5% coupon.

    It’s the latest evidence of weaker demand for longer-dated bonds in Europe, where sales are picking up again after a mid-year lull. A three-tranche transaction for drinks maker Diaego Plc saw the smallest bid for the 20-year notes, while Dutch lender ING drew far less demand for a longer tranche versus the shorter one.

    Strategists at Rabobank estimate Austria will raise up to €4.5 billion ($5 billion) with the five-year note issuance, which is expected to price on Wednesday. Demand so far has been tepid, with orders less than half the €31.9 billion seen for a new 15-year security in May.

    The Austrian Treasury declined to immediately comment on the deal.

    While the decision shows the market for ultra-long bonds hasn’t fully recovered since a bout of high inflation, some demand has been lurking this year. The country privately sold two tranches of its century bond maturing 2120 in February and June, for a total of €300 million.

    Austria’s long-term foreign currency debt rating was affirmed at AA+ by S&P Global Ratings last week, with the firm also raising the outlook to positive from stable saying the economy remains robust.

    –With assistance from Marton Eder.

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.



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