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AUSTRIA AUCTION PREVIEW:....>

AUSTRIA AUCTION PREVIEW
AUSTRIA AUCTION PREVIEW: AUSTRIA AUCTION PREVIEW: Austria's Federal Financing
Agency (AFFA) taps 10-year benchmark RAGB 0.75% Feb 2028 and 30-year RAGB 1.50%
Feb 2047 for up to E1.15bln.
- BACKGROUND: This will be the fourth tap of RAGB Feb-28 since its launch in Jan
and the auction adds to the E5.782bln outstanding. The 30-yr 1.50% Feb-47 RAGB
was last tapped on Jan 9 and auction adds to the E5.02bln outstanding.
- RV/HISTORY: The 0.75% 2028 RAGB trades at 0.717% mid-yield having richened by
circa 10bps since Apr 24 but has cheapened by 1.5bps vs 0.50% Feb-28 Bund in
that time, although remains close to tightest levels. The 30-yr RAGB 1.50% Feb
2047 trades at 1.448% mid-yield having rallied nearly 9bp in last 2-weeks. It
trades with a spread of 28bps vs 2.50% Aug-46 Bund, only 4bp shy of its widest
level in last 6-months. The 2028 RAGB was last sold on Apr 10 for E750mln at
average yield 0.67%, cover 2.13 times. The RAGB 2047 was last tapped on Jan 9
and therefore results are not comparable.
- RESULTS: Bidding closes at 0900GMT. Auction results due around 15mins later.

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