Issuer: Republic of Austria
Amount: Ffr5 billion
Launched: January 13
Lead managers: JP Morgan/CDC
Watch out for a lot of regular Euromarket borrowers issuing instruments called parallel Eurobonds. This January, the Republic of Austria unveiled an innovative attempt to position its borrowing programme for the pan-European government bond market that should quickly emerge following the introduction of the single currency from 1999. It sold Ffr5 billion ($902.5 million) of parallel Eurobonds to a range of French and other European investors in a well-supported seven-year issue led by JP Morgan and CDC Marchés.
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