Austria issues 50-year bonds for first time

Austria has issued 50-year bonds for the first time in its history, the federal financing agency said. The offering raised two billion euros ($2.58 billion) with the yield at 3.837 percent, slightly higher than the 3.434 percent rate for three billion euros' worth of 10-year-bonds issued the same day, the state agency said. The move comes after Austria last week lost its cherished triple-A rating from Standard & Poor's, although it retains the top credit rank with fellow rating agencies Fitch and Moody's. The success of Austria's bond issue "bears testimony to Austria's strong credibility regarding credit", the federal agency's head Martha Oberndorfer said. A total of 62 percent of the new Austrian bonds were taken up by German buyers.