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Austria Will Tap 2031/2047 RAGBs for E1.5bn

AUSTRIA AUCTION PREVIEW
  • Austria kicks off EGB issuance for the week with a tap of the 0% Feb-31 RAGB and the 1.50% Feb-47 RAGB for a combined E1.495bn.
  • Previous auction results (date, volume, average yield, bid-to-cover): 0% Feb-31 RAGB (6 April 2021, E0.98bn, -0.104%, 2.03x), 1.50% Feb-47 RAGB (3 March 2020, EUR0.59bn, 0.19%, 2.45x).
  • Following a bout of choppy trading in March, RAGBs traded weaker through April with the benchmark 30-year yield marking a fresh high for the year and returning to the March 2020 highs. The curve continues to steepen with the 2s30s spread widening to 127bp - a level not seen since 2019. The final April manufacturing PMI prints for the eurozone, published on Monday, indicate that regional economic activity is picking up, which will further pressure long end yields.
  • TIMING: Results are due out after the auction closes at 1000BST.

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