The Austrian Treasury (OeBFA) for the Republic of Austria as the issuer of Austrian government bonds decides which commercial banks are authorised to take part in the auction procedure. As primary dealers, the selected institutions have rights as well as obligations.

To be eligible as a primary dealer, a bank must also fulfil specific criteria. When making the decision, the OeBFA evaluates the following factors among others: capitalization, reputation, branch locations and distribution network, staff, size and turnover of fixed income portfolios denominated in euros or any other relevant currencies.

Primary dealer rights

The most important rights of primary dealers include:

  • Right to participate in auctions and syndicated tranches of Austrian government bonds
  • Right to participate in buyback and exchange transactions for Austrian government bonds
  • Preferred status in other issues of the Republic of Austria
  • Preferred status as a counterparty of the Republic of Austria in debt and liquidity management operations

Primary dealer obligations

As primary dealers, institutes must fulfil the following obligations, among others:

  • Obligation to participate in Austrian government bond auctions
  • Active participation in secondary market trading for Austrian government bonds
  • Allocation of sufficient resources for trading of Austrian government bonds
  • Allocation of sufficient resources to support the Republic of Austria in its treasury operations for its debt and liquidity management
  • Promotion of Austrian government bond markets by adequate analysis, research, publications, and yield forecasts

Monthly data delivery of primary and secondary market activities

In addition, each auction participant informs the Republic of Austria about its primary and secondary market participation in Austrian Government Bonds using a standard form. These data must be made available on a monthly basis, specifying the geographical distribution, the investor base and maturities involved.

Current primary dealers

Currently, 21 banks (16 of them non-Austrian) take part in the auction procedure.

  • Barclays Bank Ireland plc
  • BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft
  • BNP Paribas
  • BofA Securities Europe SA
  • Citigroup Global Markets Europe AG
  • Commerzbank AG
  • Deutsche Bank Aktiengesellschaft
  • Erste Group Bank AG
  • Goldman Sachs Bank Europe SE
  • HSBC Continental Europe
  • J.P. Morgan AG
  • Landesbank Baden-Württemberg
  • Morgan Stanley Europe SE
  • Natixis
  • NatWest Markets N.V.
  • Nomura Financial Products Europe GmbH
  • Oberbank AG
  • Raiffeisen Bank International AG
  • Société Générale
  • UniCredit Bank AG
  • Volksbank Wien AG

Austrian Treasury (OeBFA)

The OeBFA is in charge of debt management for the Republic of Austria and provides current information and comprehensive background information pertinent to this topic on their website.
To the website

Any more questions?

If you would like more detailed information or need technical support, don’t hesitate to call us
Auction Agent for Austrian Government Bonds
T +43 1 53127-1315