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• Austrian Debt office will be issuing 1.38bio between their Benchmark 10y and 15y lines.
• Austria has put in a bit of a concession recently (beta-weighted v France/Germany) and has cheapened outright vs 10y Germany on the last leg of this rally. 10y Austria looks slightly cheap to us here, and we think should have some room to perform short-term vs Germany
• 15y Austria has cheapened significantly over the course of the past year (on box to Germany), and has put in a micro-concession coming into this auction. With the market focused on extension trades here, 15y Austria at 46bps over 15y Germany, with the positive fundamentals behind it, looks increasingly attractive


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