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VIENNA - The Republic of Austria has announced a stabilization measure for its upcoming fixed-rate note offerings, coordinated by J.P. Morgan SE. The securities, which include EUR benchmark notes due in 2029, 2039, and 2053, are expected to be stabilized starting today, in an attempt to support market prices post-issuance.
The stabilization period, as stated by J.P. Morgan SE, the stabilization coordinator, commenced today and will extend no later than May 23, 2025. During this time, the Stabilizing Manager(s) may engage in transactions to maintain the market price of the securities above levels that might otherwise prevail in the open market. However, there is no guarantee that stabilization activities will take place, and if initiated, they may be discontinued at any time.
The notes, listed on both the Vienna Stock Exchange’s Regulated Market and the Frankfurt Stock Exchange’s Regulated Market, have not had their offer price or coupon rates disclosed as of yet. The denominations for the 2029 and 2039 notes are set at EUR 100, while the 2053 notes will have denominations of EUR 1,000.
J.P. Morgan SE, along with several other financial institutions including BARC, CITI, DB, GSBE SE, and Raiffeisen Bank International, will act as Stabilization Manager(s). They are authorized to over-allot securities up to 5% of the aggregate nominal amount. The over-allotment facility is a common practice in securities offerings, which allows for the sale of additional securities in case of excess demand and can be used to stabilize the market price.
The announcement makes clear that the stabilization measure and the securities offering are directed at persons outside the United Kingdom (TADAWUL:4280) and at professional investors within the UK who meet specific criteria. This action is in accordance with the regulations set out under the Market Abuse Regulation (EU/596/2016) and the Commission Delegated Regulation EU/xxx/2016.
This information is based on a press release statement and is intended for informational purposes only. It does not serve as an offer or invitation to underwrite, subscribe, acquire, or dispose of any securities. The stabilization effort underlines Austria’s proactive approach to ensuring a stable and controlled market for its securities amidst fluctuating global financial conditions.
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