HALISTER1: AUCTION PREVIEW: Austria 10Y, 30Y Attractive Levels vs Germany

AUCTION PREVIEW: Austria 10Y, 30Y Attractive Levels vs Germany

(Bloomberg) -- Austria to sell 1.2% 10/2025, 3.15% 06/2044 for EU1.1b at 11:15am CET. Analysts highlight attractive cross-market valuations vs Germany.
  • UBS (Nishay Patel)
    • 10Y has richened vs 5s, 30s since mid-Dec, mostly led by the flattening of 5s10s; cross-market, trades around cheapest level of 6-month range vs Germany, France
    • Austria 5s10s box is at 6-month wides vs Germany, 30Y close to cheapest levels in a year vs Germany, France, as well as on ASW
  • Barclays (Henry Skeoch)
    • RAGB 10/2025 has seen small concession ~1bp vs peers, trades close to cheap levels on the roll; cross market, has underperformed bunds by ~10bps since early Dec., now trades at 6-month wides
    • RAGB 06/2044 has cheapened ~11bp vs bunds since early Dec., spreads at widest levels since 2013
  • Mizuho (Antoine Bouvet)
  • 10Y trades cheap on the Austrian fitted curve, after recent underperformance vs peers; 06/2044s trade close to fair value
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Nishay Patel (UBS Global Asset Management Japan Ltd)
Antoine Bouvet (Mizuho Financial Group Inc)
Henry Skeoch (Barclays PLC)

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