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CORRECTION TO TIME:........>

SLOVAKIA AUCTION PREVIEW
SLOVAKIA AUCTION PREVIEW: CORRECTION TO TIME: Slovakia taps 2 lines of bonds on
Monday, E131mln each of SLOVGB 0.625% 2026 (#231) and E100mln SLOVGB 1.875% 2037
(#232). 
- BACKGROUND: Today is the last Slovakia auction of the year. This is not the
most liquid of curves and so auctions provide liquidity moments. There are no
redemptions or coupon payments to help today but weekly Eurozone issuance is
very small.
- RV/HISTORY: Generally speaking Slovakia paper has cheapened to other semi-core
EGBs and the 2037 spread to Belgium is at its widest since July. The SLOVGB
0.625% 2026 trades at 1.18%% mid-yield. It was last sold in June when it yielded
0.71% and had a cover of 1.68x. The SLOVGB 1.875% 2037 yields 1.667% mid-yield
and was sold in Sept when the average yield was 1.69%. Slovakian debt looks
tight to equivalent Dutch and German paper. 
- TIMING: Auction cut-off at 1000GMT, results are due around 1015GMT.

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