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Austria Sells Ultra-Long-Maturity Bonds

Yesterday's bond issue means the nation's hangover from a notorious banking collapse will last for 70 years.

By Boris Groendahl, Jonathan Tirone, and Alexander Weber, Bloomberg | Updated on October 26, 2016

It was one of Europe’s most notorious banking failures, and now it’s one that will haunt Austrians for at least another couple of generations.

The country sold 5 billion euros (US$5.4 billion) of bonds on Tuesday, including 2 billion euros of securities due in 70 years, joining the club of nations selling debt with ultra-long maturities. Behind the fanfare, though, was how the money will be used: to close the books on what’s left of Hypo Alpe-Adria-Bank International AG, whose collapse in 2009 led to billions in state bailouts, a winding up order and now seven decades of interest payments.

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