Annual Review 2025
The Austrian Treasury is pleased to present to you the Annual Review 2025, which includes a comprehensive overview of Austria’s borrowing activities and debt portfolio as well as key economic data, the outlook for the current year (including a foreword by our Federal Minister of Finance) and the most recent economic forecasts.
Highlights:
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The Austrian Treasury can look back on a very successful and dynamic year of issuance in 2025:
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Overall, the Republic of Austria issued EUR 45.0 bn in government bonds. The outstanding volume of short-term financing was EUR 19.6 bn at the end of 2025 and therefore EUR 2.8 bn lower than at the end of 2024.
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The volume-weighted bid-to-cover ratio for auctions increased to 2.6x in 2025 (2024: 2.4x). There was a further increase in demand for syndications compared to the previous year, with an average oversubscription of 8.9x (2024: 8.0x). The government’s firm commitment to exiting the Excessive Deficit Procedure (EDP), combined with stronger-than-expected economic growth and Austria’s outstanding reputation as a reliable issuer, significantly contributed to the robust investor demand.
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In 2025, the federal government issued a total of EUR 76.4 bn in securities at an average interest rate of 2.48% p.a., which was significantly below the previous year (2.86% p.a.). At 8.49 years, the average tenor of new issuances was below the average term of 8.79 years in 2024. The average maturity of the federal government’s financial debt portfolio was 11.45 years at the end of 2025 (previous year: 11.36 years). The strategy of recent years - maintaining a relatively long residual maturity and thus limiting Austria’s interest rate and refinancing risk - has paid off in an environment of higher yields. As a result, the effective interest rate of the debt portfolio increased only moderately from 1.91% p.a. in the previous year to 2.02% p.a. as of December 31, 2025.
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In 2025, the second green pillar of the financing strategy was further expanded with a total of EUR 6.1 bn new green issuance. The utilisation of all green financing instruments available enabled further diversification of the investor base. In 2026, the indicative amount of green issuance is forecasted at around EUR 6.0 bn (the actual green issuance volume depends on available eligible green expenditures from budget execution 2025 and 2026e and will be specified in mid-2026). Medium and long-term green financing instruments will continue to form the basis of green issuance in 2026, while short-term financing instruments will account for up to 20% of total green financing in 2026.
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On 29 January 2025, Austria issued the world's first syndicated green government bond in Swiss francs. This was also the Republic's first CHF issuance since 2009.
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In June 2025 the Austrian Treasury published the Green Investor Report 2024, the report on the allocation and the climate and environmental impact of green financing by the federal government. The report for 2025 will be published in mid-2026.
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Since June 2025 Bundesschatz, the Republic of Austria’s online investment product, is also available for public sector entities. By pooling liquidity within the general government sector, the Maastricht debt ratio can be effectively reduced. As of 31 December 2025, the total invested volume amounted to more than EUR 7.5 billion, of which over EUR 2 billion came from public entities. In total, more than 145,000 accounts were opened until the end of the year 2025.
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The general government debt ratio increased slightly from 80.0% to 81.5% and the Maastricht deficit amounted to -4.2% in 2025.
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Funding Outlook 2026: For 2026 we expect between EUR 43 bn and EUR 47 bn to be issued via government bonds (2025: EUR 45.0 bn). A slight increase of EUR 2 to 4 bn is planned for short-term financing instruments. As of 9 April 2026, over 45 % of RAGB funding has been issued.