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A strong and credible market There is nothing which demonstrates the credibility of the Austrian bond market better than the minimal spread between Austrian and German treasuries. Before the latest National Council elections in December 1995, the spread was 40 basis points. A spread of 30bp is considered normal, due to the fact that the Austrian market is not as liquid as its German counterpart. Currently the spread amounts to only a few basis points. International investors obviously consider Austria a natural participant in the coming European monetary union. |
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