"Bagboy" is the first single to be released by the Pixies since their 2004 one-off single "Bam Thwoak" (their last full-length album was 1991's Trompe le Monde. The timing is certainly odd given that two weeks ago bassist Kim Deal announced she was leaving the band.
Does this mean there's a new album in the works? Not really sure at this point. Regardless, props to the band for executing well on an older sound.