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Ireland will re-open...>

IRELAND BOND AUCTION PREVIEW
IRELAND BOND AUCTION PREVIEW: Ireland will re-open the 1.10% May-29 IGB for
E1.0bln today:
- BACKGROUND: Ireland is well ahead of issuance for this year having met 58% of
the YTD target, compared to 51% for the wider euro area. The 1.10% May-29 IGB
serves as the 10-year benchmark and was last tapped in January with E4.0bln sold
at an average yield of 1.12% and bid-to-cover ratio of 4.5x.
- RV/HISTORY: The trajectory of Irish bonds has mirrored core EGBs, which have
progressively priced in a weaker profile for growth and inflation. Spreads over
bunds have also narrowed with the 10-year differential falling to 55bp from a
YTD high of 79bp in February. The 1.10% May-29 IGB trades at a yield of 0.304%,
3bp off the record low and down from 0.866% at the  beginning of the year. The
issue trades 4.6bp outside of the comparable EUR swap.
- TIMING: Results are due out at 1000BST.

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