VIENNA (Reuters) - Austria sold 1.1 billion euros ($1.35 billion) of sovereign debt on Tuesday, tapping solid demand to top up bonds at lower yields, the treasury agency said.
It sold 400 million euros of a 2062 bond at an average yield of 2.789 percent, down from 2.820 percent at its previous auction in January 2013. Competitive bids neared 1.13 billion euros. The offer was 2.8 times subscribed.
It also sold 700 million euros of a 2018 bond at an average yield of 0.749 percent, down from 0.932 percent at an auction in November. Competitive bids surpassed 1.8 billion euros for a bid-cover ratio of 2.6.
Austria, one of the few euro zone countries to retain a top credit rating from at least two major ratings agencies, accounts for less than 3 percent of euro zone debt issuance.
It expects to tap debt markets for 28 billion to 30 billion euros in 2014, including 22-26 billion in government bonds, the Austrian Federal Financing Agency has said. It plans one or two syndicated debt issues in 2014.
($1 = 0.7397 euros)
(Reporting by Michael Shields; Editing by Larry King)