Average government bond yields
The index “average government bond yields weighted by outstanding amounts,” referred to by its German abbreviation UDRB (for “umlaufgewichtete Durchschnittsrendite für Bundesanleihen”) depicts the average yield of outstanding euro-denominated Austrian government bonds issued under Austrian law with a fixed coupon and a remaining maturity of more than one year. Capturing the secondary market yield of Austrian government bonds, the UDRB serves as a capital market interest rate in addition to the short-term money market interest rate. The OeNB started to calculate and publish the UDRB in April 2015. The UDRB replaced the indices for secondary market yields (or SMR for short in German) in Austria (with the exception of the SMR index for domestic bank issuances) as reference interest rate in legal acts and contracts.