Austria will come to........>

AUSTRIA AUCTION PREVIEW: Austria will come to market on Tuesday for a tap of

E1.15bn. On offer are the 0.00% Feb-30 RAGB and the 0.75% Mar-51 RAGB.

- BACKGROUND: Previous auction results (date, volume, average yield,

bid-to-cover):0.00% Feb-30 RAGB (3 March, E0.59bn, -0.32%, 2.34x), 0.75% Mar-51

RAGB (26 March, E2.5bn, 0.79%..New Issue).

- RV/HISTORY: Mirroring the wider EGB space, Austrian sovereign bonds sold off

and the curve bear steepened alongside fresh downside for equities on Monday. A

slew of euro area April manufacturing PMI data confirming that the region is

mired in a deep contraction, coupled with a flare up in tensions between the US

and China over the coronavirus crisis, are possible contributing factors.

Spreads over bunds remain relatively wide with the 10-year Bund-RAGB spread

trading at 44bp from a YTD low of 16bp in February. There are no major data

releases ahead of the Tuesday auction.

- TIMING: Results are expected around 1015BST