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AUSTRIA WILL COME TO MARKET ON TUESDAY FOR A TAP OF E1.15bn.

AUSTRIA AUCTION PREVIEW

Austria will re-open the 0% Feb-30 RAGB and 2.40% May-34 RAGB on Tuesday for a combined E1.15bn

  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0% Feb-30 RAGB (4 August 2020, E0.46bn, -0.35%, 3.0x), 2.40% May-34 RAGB (4 Jun 2019, E0.63bn, 0.44%, 2.11x).
  • RV/HISTORY: RAGBs have sold off since the beginning of August and the curve has bear steepened with the 2s30s spread widening to 91bp from a low of 71bp on 4 August. Spreads over bunds have continued to narrowed with the 10-year difference now standing at 17bp from a YTD peak of 60bp on March 17. The ECB is not expected to deliver fresh policy innovations at this week's meeting, limiting the support for RAGBs heading into Tuesday's auction.
  • TIMING: Results are due out soon after the auction closes at 1000BST.
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