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3/10/45-year OLOs

BELGIUM AUCTION PREVIEW
MNI (London)
  • On offer today a combined E2.8-3.8bln of:
    • 0.80% Jun-25 OLO (ISIN: BE0000334434)
    • 0.35% Jun-32 OLO (ISIN: BE0000354630)
    • 2.15% Jun-66 OLO (ISIN: BE0000340498)
  • Market colour: 3/10-year OLO yields fell 30-40bp at the onset of the Ukraine war at the end of Feb. 3-year yields fell to -0.485% before they regained momentum, rising around 113bp to stand at 0.645% at time of writing. 10-year OLO yields rose almost 140bp from their March low to the May 9 high of 1.771%, from which they have softened to 1.553% at time of writing.
  • The 45-year OLO saw a smaller fall of just over 20bp at the end of Feb, recovering the strong upwards trajectory to the high of 2.210% on May 9. Yields were back around the 2.111% mark at time of writing.
  • Timing: Results will be available shortly after the auction closes at 11:00 BST / 12:00 CEST.

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