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6/10-year RAGBs

AUSTRIA AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E1.38bln of RAGBs:
    • 0% Oct-28 RAGB (ISIN: AT0000A2VB47)
    • 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8)
  • Market colour: 6-year yields increased 136bp since launch, dipping 36bp at the end of February as Ukraine was invaded. The more recent 10-year RAGB has seen yields rise 71bp since the late-March launch, to 1.680% at time of writing.
  • 6-year RAGB spreads to the 0% Nov-28 Bund have widened approx. 18bp since the late January launch, reaching a high of 42bp on April 5, before narrowing 11bp to April 22. Spreads have since widened again to stand at 41.7bp at time of writing, just off the April high.
  • 10-year spreads to the Bund have traded in the 41.0-52.5bp range since the launch, widening gradually by approx. 7bp since late April to 51.7bp at time of writing.
  • Timing: Results will be available shortly after the auction closes at 1000 BST/ 1100 CEST.

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