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Austria will re-open the....>

AUSTRIA AUCTION PREVIEW
AUSTRIA AUCTION PREVIEW: Austria will re-open the 0.00% Apr-23 RAGB and the
0.00% Feb-30 RAGB for a combined E1.38bn on Tuesday.
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 0.00% Apr-23 RAGB (26 Mar 20, E5.0bn, -0.25%...synd), 0.00%
Feb-30 RAGB (5 May 2020, E0.65bn, -0.13%, 2.65x).
- RV/HISTORY: Mirroring Monday's move in bunds, Austrian government bonds sold
off sharply and the curve bear steepened, while spreads over bunds have held
steady. A confluence of conflicting policy developments including the
Franco-German recovery fund initiative, the EC's own recovery fund proposal last
week, the likelihood of the Frugal Four issuing objections to the EC
recommendations, and the likelihood of further monetary easing at this week's
ECB meeting, have clouded the outlook for sovereign bonds in the near term.
Heading into Tuesday's auction, the 0.00% Apr-23 RAGB trades 21bp inside and
comparable EUR swap, while the 0.00% Feb-30 RAGB trades inline.
- TIMING: Results are due shortly after the auction closes at 1000BST.

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