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.
As the political landscape fragments across Europe, Austria's bond sale is a lesson in the perils of populism.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
