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/ AUSTRIA: Antonie Bouvet of......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: / AUSTRIA: Antonie Bouvet of Mizuho International says that
the initial price target (IPT) for the Austrian 10-yr Euro syndicated deal at
mid-swaps -17bp is a little above their FV estimate of mid-swaps -20bps and
there see some room for tightening. Mizuho expect the deal to raise E4bln
- Belgium priced its 10-yr deal at MS-17bps and Mizuho think that this is
another "hint that guidance on the new RAGB deal should also tighten if you
believe Austria should trade though Belgium".

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