Austria will tap the........>

AUSTRIA AUCTION PREVIEW: Austria will tap the market for E1.035bln today. On

offer are the 0.00% Feb-30 RAGB and the 1.50% Feb-47 RAGB.

- BACKGROUND: The 0.00% Feb-30 RAGB was launched in January via syndication with

E3.25bln currently outstanding (of which E250mln was retained by the treasury).

The 1.50% Feb-47 RAGB was launched in February 2016 and has since been sold via

auction 11 times , most recently in October 2019. Previous auction results

(sold, average yield, bid-to-cover): (Oct 8, E0.35bln, 0.271%, 2.25x).

- HISTORY: RAGB-Bund spreads have widened over the past week and a bit as

coronavirus fears have led to spread widening versus Bunds across all EGBs.

Spreads on the 10y have widened from just under 16bp to around 24bp at the time

of writing. However, it is important to note that the 16bp spreads was not far

off the lows seen since the financial crisis started. Spreads reached as wide as

35bp earlier in 2019.

- TIMING: The auction results are due around 1015 GMT.