Figures & facts around Austrian Government Bonds. Quarterly Report

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1 Figures & facts around Austrian Government Bonds Quarterly Report September 2018

2 Primary Market for Government Bonds Auction Calendar 2018 Auction date 09 Jan Feb Mar Apr May Jun 2018 Value date 11 Jan Feb Mar Apr May Jun 2018 Auction date 03 Jul Aug 2018 (*) 04 Sep Oct Nov Dec 2018 Value date 05 Jul Aug 2018 (*) 06 Sep Oct Nov Dec 2018 (*) Due to the advanced progress of the funding programme 2018, the reserve auction date was not used. Results of the last 3 Price Auctions Government Bond /1 (5th fungible /3 (6th fungible /1 (15th fungible /1 (6th fungible /1 (7th fungible /2 (3rd fungible Auction date ISIN AT0000A1ZGE4 AT0000A1PE50 AT0000A04967 AT0000A1ZGE4 AT0000A1ZGE4 AT0000A1XM92 Maturity 9 years 258 days 5 years 38 days 18 years 253 days 9 years 230 days 9 years 167 days 4 years 14 days Coupon in % 0,750 0,000 4,150 0,750 0,750 0,000 Settlement Next coupon date Maturity date Issue size in mn Euro 575, , , , , ,000 Issue price in % 100, , , , , ,19467 Issue yield in % 0, , , , , ,29365 Competitive bids in mn Euro 1.743, ,0 971, , , ,0 Competitive allotments 500, , , , , ,000 in mn Euro Competitive bids : 3, , , , , ,33500 Competitive allotments Highest price bid in % 101, , , , , ,910 Cut-off-price in % 100, , , , , ,113 Cut-off-yield in % 0, , , , , ,27371 Competitive allotments at 4,400 3,000 6,000 1,273 1,600 2,167 cut-off yield in % of total Spread (allotments) in bp 13,90 15,00 29,00 14,10 22,70 79,70 Lowest price bid in % 100,300 99, , , , ,000 Spread (bids) in bp 75,00 59,00 130,00 91,10 170,00 191,00 Average price of bids in % 100, , , , , ,04649 Average price of competitive allotments in % 100, , , , , ,19467 Source: OeKB Page 2

3 Volume of Government Bonds Government Bonds in million Euro Government Bonds New Issue Outstanding Redemption Net Volume Volume Volume 2007 Total Total Total Total Total Total Total Total Total Total Total January February March April May June Juli August September October November December Rounding can cause differences; Source: OeKB Redemption Schedule for Government Bonds October 2018 to 2117 in million Euro Source: OeKB Page 3

4 Outstanding Volume of Government Bonds - 30 September 2018 Coupon in % Government Bond Redemption Date Outstanding Volume in Euro Amount stripped in mn Remaining life in years AT0000A12B06 1, / ,00 0 0,05 REDEMPTION ,00 0 0,05 AT0000A , / ,00 0 0,45 AT0000A0VRF9 1, / ,00 0 0,72 AT0000A19XC3 0, / ,00 0 1,05 REDEMPTION ,00 0 0,69 AT , / ,00 0 1,79 REDEMPTION ,00 0 1,79 AT0000A001X2 3, / ,00 0 2,96 REDEMPTION ,00 0 2,96 AT0000A0N9A0 3, / ,00 0 3,55 AT0000A1XM92 0, / ,00 0 3,97 AT0000A0U3T4 3, / ,00 0 4,15 REDEMPTION ,00 0 3,90 AT0000A1PE50 0, / ,00 0 4,79 AT0000A105W3 1, / ,00 0 5,06 REDEMPTION ,00 0 4,96 AT0000A185T1 1, / ,00 0 6,06 REDEMPTION ,00 0 6,06 AT0000A1FAP5 1, / ,00 0 7,06 REDEMPTION ,00 0 7,06 AT0000A0DXC2 4, / ,00 0 7,46 AT0000A1K9C8 0, / ,00 0 8,06 REDEMPTION ,00 0 7,79 AT0000A1VGK0 0, / ,00 0 8,55 AT , / ,31 297,25 8,79 REDEMPTION ,31 297,25 8,67 AT0000A1ZGE4 0, / ,00 0 9,39 REDEMPTION ,00 0 9,39 AT0000A , / , ,64 REDEMPTION , ,64 AT0000A , / , ,46 REDEMPTION , ,46 AT0000A0VRQ6 3, / , ,72 REDEMPTION , ,72 AT0000A1K9F1 1, / , ,39 REDEMPTION , ,39 AT0000A0U299 3, / , ,32 REDEMPTION , ,32 AT0000A1PEF7 1, / , ,09 REDEMPTION , ,09 AT0000A1XML2 2, / , ,97 REDEMPTION , ,97 TOTAL ,31 297,25 10,35 Source: OeKB Page 4

5 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 basis points Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 monthly averages in % Yields Yield-Curve of Austrian Benchmark-Government Bonds Auction Calendar ,0 1,5 1,0 0,5 0,0-0,5-1, maturity in years 29 Sep Jun Sep 2018 Source: Bloomberg; Generic Government Rates Secondary Market Yields long-term Government Bonds 5,5 4,5 3,5 2,5 1,5 0,5-0,5 Source: OeNB Austria France USA Germany Yield Spread long-term Austrian Government Bonds minus major Government Bond Markets Source: OeNB France USA Germany Page 5

6 Government Debt Government Finance General government consolidated gross debt (Maastricht) General government 81,3 84,0 84,8 83,0 78,3 Central government 70,3 73,5 74,3 72,3 68,1 Net lending general government (Maastricht) General government -2,0-2,7-1,0-1,6-0,8 Central government -2,0-2,8-1,2-1,2-0,9 Gross debt, billion EUR denominated in EUR 193,9 196,2 199,1 207,8 211,2 Foreign currency 0,0 0,0 0,0 0,0 0,0 Public finance indicators - Percentage of GDP Total expenditure general government 51,6 52,4 51,1 50,3 49,2 Total revenue general government 49,7 49,7 50,1 48,7 48,4 Source: WIFO, Statistics Austria, Austrian Ministry of Finance, WDS-WIFO-data-system, Macrobond Consolidated Federal Government Debt in million Euro (1) /09/2018 EURO DEBT Government bonds Federal obligations Treasury bills Securitized Euro debt Insurance company loans Bank loans Other loans Nonsecuritized Euro debt Euro debt FOREIGN CURRENCY DEBT Government bonds Private placements Securitized foreign currency debt Non securitized foreign currency debt Foreign currency debt FEDERAL GOVERNMENT DEBT Source: Austrian Treasury (OeBFA), OeNB (1) Including swap transactions; excluding own holdings of federal securities Page 6

7 The Austrian Economy Percentage changes from pervious year Gross Domestic Product volume 0,7 1,1 2,0 2,6 3,0 2,0 value 2,9 3,3 3,5 3,8 4,7 4,1 Manufacturing (1), volume 2,2 1,3 3,5 4,8 6,2 3,2 Wholesale and retail trade, volume 2,2 1,9 1,2 1,1 1,8 1,6 Final consumption expenditure of households, volume 0,3 0,4 1,4 1,4 1,8 1,7 Gross fixed capital formation, volume -0,4 2,3 4,3 3,9 3,4 2,7 Machinery and equipment (2) -1,4 3,9 10,6 4,6 4,7 4,0 Construction 0,3 0,1 0,4 3,5 2,3 1,5 Exports, volume 2,9 3,5 2,7 4,7 4,9 3,7 Exports of goods 2,9 3,5 2,1 4,9 5,6 4,5 Imports, volume 3,0 3,6 3,4 5,1 4,0 3,5 Imports of goods 2,1 4,1 3,2 4,2 4,4 4,0 Current balance as a percentage of GDP 2,5 1,7 2,5 2,0 1,9 2,0 Long-term interest rate (3) 1,5 0,7 0,4 0,6 0,7 1,0 Consumer prices 1,7 0,9 0,9 2,1 2,1 2,1 Active dependent employment (4) 0,7 1,0 1,6 2,0 2,5 1,5 Unemployment rate Eurostat definition (5) 5,6 5,7 6,0 5,5 4,8 4,5 National definition (6) 8,4 9,1 9,1 8,5 7,7 7,3 General government financial balance according to Maastricht definition as a percentage of GDP -2,7-1,0-1,6-0,8-0,1 0, to 2019: projections (1) including non-profit institutions serving households. (2) including weapons systems. (3) 10-year central government bonds (benchmark). (4) Excluding parental leave and military service. (5) As a percentage of total labour force, labour Force Survey. (6) As a percentage of dependent labour force, unemployed persons according to Public Employment Service Austria. Source: WIFO, 05 October 2018 Page 7

8 01/ / / / / / / / / / / / / / / / / / (*) 2019 (*) Austrian Economic Data Real Gross Domestic Product year / year change in % Austria France USA Germany Japan (*) European Commission (May 2018) and Interimsforecast July 2018, Source: Eurostat Consumer Price Indices year / year change in % Austria France USA Germany Japan 2018,2019 Forecast European Commission (May 2018) and Interimsforecast July 2018 Source: Eurostat, BLS, SBJ, European Commission Page 8

9 The quarterly report is available as a PDF-file in German at and in English at Editor: Oesterreichische Kontrollbank Aktiengesellschaft Department Capital Market Services Auction Agent for Austrian Government Bonds Maria Kucera, Gero Sodia 1010 Vienna, Strauchgasse 3, Austria Tel Fax govbonds@oekb.at Corporate Seat: Vienna Commercial Register No.: FN 85749b Commercial Court Vienna VAT-ID No.: ATU , Data Processing Register No.: DVR

10 Am Hof 4, Strauchgasse Vienna, Austria Tel govbonds@oekb.at

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