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Pullback Considered Corrective

AUDUSD TECHS

Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

The Austrian Federal........>

AUSTRIA AUCTION PREVIEW
AUSTRIA AUCTION PREVIEW: The Austrian Federal Financing Agency (AFFA) re-opens
E1.38bln total of RAGB 0.5% Apr-27 and RAGB 4.15% Mar-37. 
- BACKGROUND: The 0.5% 2027 was last issued on 4th July and is 6.6bln in size.
The 2037 is an on-the-run security that trades with a mammoth big figure of 152.
This sleeping beast has not been opened since 2011. Next week, (15th) sees E8bln
of RAGB redemptions and E1bln of coupon payments. Settlement for today's auction
is 7th Sept.
- RV: The German Bund 0.25% Feb-27 to RAGB 0.5% Apr-27 spread is wide at 26.8bp
and could prompt good demand today. There is a very steep swap spread curve
between 7 and 10Y in semi core Europe. The Austrian market also looks cheap to
Belgian and French debt. There has also been a small steepening of the 5- to
10-Year spread in the past few weeks that will not hurt. The re-opening of the
Mar-37 is likely because it traded expensive to the curve and swaps and lacked
liquidity.
- RESULTS: Bidding closes at 0900GMT/1000BST. Auction results are due around 15
minutes later.