The Austrian Treasury has today revised its 2020 Funding Outlook in order to incorporate the increased funding needs resulting from the COVID-19 crisis.

The funding outlook 2020 (which was published on December 5, 2019) was revised as follows:

  • Total issuance 2020 (all instruments): around 60 bn EUR (vs. previous estimate of 31-34bn EUR)
  • thereof Republic of Austria Government Bonds (RAGB) issuance 2020: minimum 35bn EUR (vs. previous estimate of 18-21bn EUR)
  • T-Bills outstanding as of end-2020: minimum 16bn EUR (vs. 7.4bn EUR outstanding as of end-2019)

Furthermore - after consulting its primary dealers - the Austrian Treasury has introduced a slight modification regarding the RAGB auction process:

  • Volume and tenors will now be announced on Thursdays in the week before the auction date (previously Tuesdays) 
  • However, monthly auction dates remain unchanged as announced in December 2019 (link to Auction Calendar)

This will become effective from July 2020 onwards.

The Austrian Treasury will continue to monitor the situation and will give further updates on the funding outlook if needed.