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0% Jul-24 RAGB & 0% Feb-31 RAGB On Offer

AUSTRIA AUCTION PREVIEW

Austria will tap the 0% Jul-24 RAGB and the 0% Feb-31 RAGB this morning for a combined E1.38bn.

  • RAGBs traded lower through much of February as concerns about inflation in developed markets rose to the fore, but have started to recover ground in recent days.
  • Spreads over bunds widened in February alongside the broader EGB sell-off, and have started to narrow in line with the recovery in core markets.
  • Previous auction results: At the last auction of the 0% Jul-24 RAGB on 6 October, E0.63bn was sold with an average yield of -0.69% and bid-to-cover of 3.10x. The 0% Feb-31 RAGB was placed by syndication on 27 January, with E3.50bn sold at an average yield of -0.33% and book size of around EUR32bn.
  • There is little in the way of tier one data on the European data slate this morning that could serve as a catalyst for price action. German unemployment data for February will be the focus.
  • Timing: Results are due after the auction closes at 1000GMT.
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