Download - Kommunalkredit Austria AG
Download - Kommunalkredit Austria AG
Download - Kommunalkredit Austria AG
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EUR 500 mn 1.625% 5Y Covered Bond MS+30bps<br />
Terms & conditions<br />
• Issuer: <strong>Kommunalkredit</strong> <strong>Austria</strong> <strong>AG</strong><br />
• Status: Public Sector Covered Bond<br />
• Issue Rating: Aa2 by Moody‘s<br />
• Size: EUR 500 mn<br />
• Maturity: 5-years<br />
• Maturity Date: 25.9.2018<br />
• Re- offer Spread: MS+30 bps<br />
• Coupon: 1.625%<br />
• Book Runners: BNP, DB, DZ, Erste, LBBW<br />
• ISIN: XS0973424152<br />
Key aspects<br />
• Excellent outcome for <strong>Kommunalkredit</strong> <strong>Austria</strong> (KA) re-entry to capital<br />
markets: 5-year EUR 500 mn (no grow) Public Sector Covered Bond priced<br />
well-inside initial guidance at MS+30bps<br />
• KA`s first public benchmark following the amendment decision by the<br />
European Commission from July 2013 attracted significant investor interest<br />
with impressive granularity – more than 2x oversubscribed with high quality<br />
interest coming from over 105 accounts<br />
• Excellent demand from real money investors (59%) confirm confidence into<br />
KA as an issuer and into its high quality cover pool<br />
Background/rationale<br />
• The issuer opted for a 5-year tenor which suited its maturity profile best and<br />
also meets current strong investor demand<br />
• The high quality Aa2 rated (by Moody’s) cover pool has an OC of 41.3%<br />
(as of 30.6.2013) and consists of 100% public sector cover assets with<br />
~97% coming from the German speaking region<br />
Execution and placement<br />
• Following a European roadshow to update investors on the KA credit, a<br />
mandate for a new EUR 500 mn (no grow) 5-year Covered Bond was<br />
announced on Monday afternoon (16.9.2013) with Initial pricing<br />
thoughts of MS+mid30s to give investors enough time to prepare for<br />
the deal<br />
• Having garnered over EUR 800 mn, books opened with official<br />
guidance of MS+33 area at 10:25 CET(17.9.2013)<br />
• After 25 minutes of bookbuilding, books topped EUR 1 bn of demand<br />
from high quality domestic & international accounts<br />
• Given the strong momentum, the re-offer spread was fixed at<br />
MS+30bps with books subject to close at 11:00 CET<br />
• Asset Managers and Funds (50%) drove the deal while Banks (40%)<br />
also demonstrated significant appetite<br />
• Besides the customary domestic bid (81% Germany & <strong>Austria</strong>),orders<br />
from Northern countries (9%) are especially noteworthy<br />
Distribution by geography<br />
Germany: 60%<br />
<strong>Austria</strong>: 21%<br />
Nordics: 9%<br />
UK: 4%<br />
Benelux: 2%<br />
Italy: 2%<br />
CH: 1%<br />
France: 1%<br />
Distribution by investor type<br />
Asset Manager/<br />
Funds: 50%<br />
Banks: 40%<br />
Insurances: 9%<br />
Others: 1%<br />
INFRA BANKING EXPERTS<br />
ÖSTERREICHS BANK FÜR INFRASTRUKTUR<br />
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