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

AUSTRIA AUCTION PREVIEW: Austria's Federal Financing Agency will tap the market

for E1.15bln today. On offer are the 0.00% Jul-23 RAGB and the 0.50% Feb-29

RAGB.

- BACKGROUND: The 0.00% Jul-23 RAGB was last tapped on February 10 with E0.63bln

allotted at an average yield of -0.08% and bid-to-cover ratio of 2.63%. The

0.50% Feb-29 RAGB is the 10-year benchmark which was last re-opened on March 5

with E0.70bln allotted at an average yield of 1.26% and bid-to-cover ratio of

2.41x.

- RV/HISTORY: The Austrian sovereign curve has broadly flattened since the

beginning of March as concerns about the global economic outlook, coupled with

the industrial slowdown in Europe, has pushed down yields at the longer end. The

0.00% Jul-23 RAGB trades at a yield of -0.337% up from a recent low of -0.380%

on March 27 and 32.3bp inside the comparable EUR swap. The 0.50% Feb-29 RAGB

trades at a yield of 0.286% up from a March low of 0.215% and 22.0bp inside the

comparable EUR swap.

- TIMING: Results are due shortly after the auction closes at 1015BST