Austria's long-dated government bond yields held near 16-month highs today as the country pushed ahead with plans to sell its first 70-year debt. 

Vienna set initial price thoughts on the bond today, according to IFR, as it also marketed a new seven-year debt to investors. 

The country would join a raft of other euro zone countries that have tapped historically low rates and an investor hunt for yield to issue ultra-long dated bonds this year. 

Italy, Spain, France and Belgium have all sold 50-year bonds this year, while Belgium and Ireland have also sold 100-year paper in private placements. 

Austria's 30-year bond yield held just above 1% today, having climbed six basis points on the announcement of a possible deal yesterday. 

Yields were not far from 16-month highs of 1.09% hit earlier this month. 

Austria's longest outstanding bond - debt maturing in 2062 that was originally sold as a 50-year in 2012 - also rose 6 basis points to 1.19%, and remained around those levels today. 

Yields tend to rise ahead of debt sales as investors make room in their portfolios for the new supply. 

Analysts an ING expect Austria to issue around €1.5-2 billion of the new 70 year bond, given it was able to raise €2 billion in 2012 with a 50-year bond.

The trillions of euros the European Central Bank has spent trying to revive the bloc's low inflation outlook has pushed rates to record lows over the past year. 

This has provided a golden moment for euro zone countries to extend the average maturities of their debt, and build up insulation against any future repayment crunch like the euro zone crisis. 

Low rates have also seen a wide variety of investors buy up these ultra-long bonds, not just the institutional investors such as pension and insurance schemes which typically target them to get bulk up returns on their fixed income investments. 

Some asset managers have purchased these bonds for the outsized capital gains they offer in case the euro zone is sinking towards a Japan-style decade of deflation. 

Other speculators have bought them up betting that the ECB may add ultra-long debt to its asset-purchase stimulus scheme if it, as expected, it decides to continue quantitative easing beyond its scheduled end in March 2017.