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  Auction Procedure 

Types of auctions

For Austrian government bonds both price auctions and yield auctions are viable options.

New issues

In case of new issues bids shall be submitted in the form of yields. The coupon is calculated based on a weighted average of the accepted yields and an issue price as close to par as possible. In the last few years new government bonds were issued via a syndicate.

Tap issues

For tap issues price auctions have been employed since February 2001. To improve the liquidity of individual issues, only one or two new bonds are issued during a year to fill in the gaps in the maturity range. Taps are issued via auctions and take place once a month, as a rule.


A fixed group of banks is obliged to submit competitive bids. As a performance incentive panel members may submit non-competitive bids as well.

Auction procedure

The entire auction procedure is carried out electronically by means of ADAS (Austrian Direct Auction System), developed by OeKB. Among other things this software allows for the announcement of the results, immediately after the deadline for the submission of competitive bids has expired and the issuer has confirmed the issue.


Settlement of payments is handled by OeKB CSD GmbH.

Auction dates

The auction calendar, the announcement of new issues, the fixed schedule for carrying out the auction procedure, etc. are examples of the issuer’s desire to increase transparency of the entire auction procedure, for the investors as well as for the banks participating in the auction panel.


Auction Agent for Austrian Government Bonds

Tel. +43 1 53127-1315

Fax +43 1 53127-5233

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