5/10/30y OLOs

On offer today: A shared E2.8-3.8bln of 5/10/30y OLOs:

• 0.80% Jun-27 OLO (ISIN: BE0000341504)
• 0.35% Jun-32 OLO (ISIN: BE0000354630)
• 1.40% Jul-53 OLO (ISIN: BE0000355645)
• We would expect the full E3.8bln to be allocated.
• Market colour:
• 5/10-year OLO yields dipped 41bp and 32bp to -0.212%and 0.403% at the beginning of March as Russia invaded Ukraine, recovering the upwards trajectory in the second week of March. 5-year OLO yields currently stand at 0.855% and 10-year yields at 1.404%. 30-year OLO yields saw a softer decline of 20bp in the same period, and have increased 33bp since the beginning of the month.
• OLO spreads to the Bobl and Bund widened in the first week of April by 7-8bp, before narrowing approx. 5bp in the second week of April. 5-year OLOs have since been generally trading in the 18-20bp range and 10-year OLOs in the 50.5-52.4bp range.
• 30-year OLO spreads widened by 20bp from Feb 24 to March 4. They have since narrowed from the March 4 high of around 105bp to 89.463bp.

Timing: Results will be available shortly after the auction closes at 11:00 BST/12:00 CEST.