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Austria Will Sell 2024 and 2030 RAGBs On Tuesday

AUSTRIA AUCTION PREVIEW
Austria will come to market on Tuesday for a tap of EUR1.15bn. On offer are the 0% Jul-24 RAGB and the 0% Feb-30 RAGB.
  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0% Jul-24 RAGB (4 Aug 2020, E0.69bn, -0.65%, 2.59x), 0% Feb-30 RAGB (8 Sep 2020, E0.60bn, -0.34%, 2.29x).
  • RV/HISTORY: The rally in RAGBs lost momentum towards the end of September with yields inching higher at the start of this week. Both of the issues up for auction on Tuesday trade inside the comparable EUR swap at -19.3bp and-11.3bp, respectively for the 2024 and 2030 RAGB. The data slate will be relatively light heading into the auction, with German factory orders for August being the only significant release.
  • TIMING: Results are due out shortly after the auction closes at 1000 London.

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