Austria's Federal...........>

AUSTRIA AUCTION PREVIEW: Austria's Federal Financing Agency (AFFA) taps 10-year

benchmark RAGB 0.75% Feb 2028 and 30-year RAGB 1.50% Feb 2047 for up to

E1.15bln.

- BACKGROUND: This will be the fourth tap of RAGB Feb-28 since its launch in Jan

and the auction adds to the E5.782bln outstanding. The 30-yr 1.50% Feb-47 RAGB

was last tapped on Jan 9 and auction adds to the E5.02bln outstanding.

- RV/HISTORY: The 0.75% 2028 RAGB trades at 0.718% mid-yield having richened by

circa 10bps since Apr 24 but has cheapened by 1.5bps vs 0.50% Feb-28 Bund in

that time, although remains close to tightest levels. The 30-yr RAGB 1.50% Feb

2047 trades at 1.445% mid-yield having rallied nearly 9bp in last 2-weeks. It

trades with a spread of 28bps vs 2.50% Aug-46 Bund, only 4bp shy of its widest

level in last 6-months. The 2028 RAGB was last sold on Apr 10 for E750mln at

average yield 0.67%, cover 2.13 times. The RAGB 2047 was last tapped on Jan 9

and therefore results are not comparable.

- RESULTS: Bidding closes at 0900GMT. Auction results due around 15mins later.