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0% Feb-30 / 0.75% Mar-51 RAGB

AUSTRIA AUCTION PREVIEW
  • This morning will see E1.38bln combined on offer of the 0% Feb-30 RAGB and 0.75% Mar-51 RAGB.
  • Demand for the 0% Feb-30 RAGB was strong throughout 2020 with eight auctions of the bond (after its syndicated launch) seeing bid-to-covers range from 2.22-4.79x. Indeed, the last auction of the bond in October saw a bid-to-cover of 3.55x. Prior to tomorrow's auction EUR9.4bln of the issue is outstanding.
  • The 0.75% Mar-51 RAGB was launched via syndication in March last year for EUR2.5bln. It reopened the bond twice via auction achieving a bid-to-cover of 2.22x in May and 2.44x in July. We expect similar strong demand today.

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