Austria will re-open the....>

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.