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“It Blows My Mind”: 100-Year Austrian Bond With Record Duration 3x Oversubscribed

zerohedge.com / by Tyler Durden / Sep 13, 2017

As we reported yesterday, Austria was set to make Eurozone history with the first sale of a 100 year bond direct to public markets, bypassing private syndication. It did that later in the day, when the €3.5 billion offering priced tighter than initially marketed, at RAGB 2/2047 +50, at a price 99.502 to yield a paltry 2.112% and with a negligible 2.1% cash coupon.

What is even more notable is that despite mounting fears of an imminent tapering by the ECB which many have predicted will lead to a new European bond tantrum and blow out in yields, there was tremendous end demand by investors for the offering managed by BofAML, Erste Group, GS (B&D), NatWest and SocGen, mostly fund managers from across the globe, resulting in what ended up being more than €11BN in 208 different bids for the paper, an oversubscription of more than 3x! The breakdown for the final allocation is was follows, courtesy of Bloomberg:

€3.5b 100Y tranche: Book exceeded €10.8b from 208 investors, including €1.5b of JLM interest

Allocation by geography:

  • Eurozone incl. Austria 29%
  • Germany 13%
  • France 4%
  • Spain 3%
  • Other Eurozone 9%
  • Other Europe (non-Eurozone) 55%
  • U.K. 42%
  • Switzerland 9%
  • Americas 12%
  • Middle East 4%

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