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3/10-year RAGBs

AUSTRIA AUCTION PREVIEW
MNI (London)
  • On offer today: Up to E1.725bln of RAGBs.
    • 0% Apr-25 RAGB (ISIN: AT0000A2QRW0)
    • 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8)
  • Market colour: 3/10-year RAGB yields have risen around 112bp and 106bp from the beginning of August lows to recent peaks of 1.524% on August 31 (3y) and 2.261% on September 1 (10y). 3-year yields are currently around 1.393%, whilst 10-year yields are just below the September 1 high at 2.225%.
  • 3-year spreads to the 0% Apr-25 Bobl had widened to a high of 31.5bp, widening 13bp from August 1. 10-year spreads to the 1.70% Aug-32 Bund are around 0.7bp below Monday's high of 64.1bp, having widened approx. 11bp since the beginning of August.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.

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