Ireland on Thursday....>

IRELAND BOND AUCTION PREVIEW: Ireland on Thursday re-opens 1.10% May-29 IGB and

1.30% May-33 IGB, targeting issuance of E1bln.

- HISTORY: The 10-Yr benchmark May-29 was last tapped on June 13, fetching

average yield of 0.297% and with bid-to-cover of 2.7x. This is the first

re-opening of the 15-Yr benchmark May-33, which launched in April 2018.

- BACKGROUND: We estimate that Ireland has completed just under two-thirds of

planned 2019 issuance. Sale of E1bln would bring completion to 70% for the year.

- RV: Irish spreads vs Germany have narrowed since the beginning of the year,

with the 10-Yr going from nearly 80bps outside to below 50bps since February.

Likewise, versus swaps, this is as tight as Ireland has traded since the summer

of 2018, at about 1bps inside, versus 25bps outside in February. 

- TIMING: Results are due around 1015UK time.