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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
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Real-time insight on key fixed income and fx markets.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Free AccessOn Tuesday, the Austrian....>
AUSTRIA AUCTION PREVIEW: On Tuesday, the Austrian Federal Financing Agency
(AFFA) re-opens E1.1bln total of and RAGB 0.0% Sep-22 and RAGB 0.75% Feb-28.
- BACKGROUND: There are no coupon and redemptions. The Feb-28 only has E4.5bln
outstanding; the benchmark needs building.
- RV: Despite its low liquidity, at the longer end of the curve Austrian debt
yields a good amount less the French yield curve, but not below 5Y. For example,
the RAGB Feb-28 is ASW-22.8bp, whereas the OAT is ASW-18.9bp. There is a notch
credit rating difference between Austria and France but with economic growth
improving, credit spreads have tended to occupy the back-seat so making the 3bp
spread look okay. The Sep-22 yields -0.03%, a positive yield would have helped
the auction but it is a cheap security on the Austrian curve when valued vs
swaps. Plus the security is quite small, which usually helps since liquidity
will improve quickly with any issuance. In Sept, the 0% Sep-22 yielded -0.165%
when syndicated, the Feb-28 was last auctioned yielding 0.86% and 2.6x cover.
- RESULTS: Bidding closes at 1000GMT. Auction results are due around 15 minutes
later.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.