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4/10/30-year OLOs

BELGIUM AUCTION PREVIEW

Belgium will come to the market this morning to sell E2.9-3.4bln of 4/10/30-year OLOs.

  • 0.80% Jun-25 OLO: The four-year OLO has been sold twice so far this year, via a conventional auction in February and then via the ORI facility earlier this month. The February auction saw E755mln sold from bids of E1.665bln, leading to a bid-to-cover of 2.21x. The ORI facility saw E940mln of bids with E307mln sold (bid-to-cover of 3.06x).
  • 0% Oct-31 OLO: The 10-year OLO was launched via syndication for E6.0bln in January with bids of E50bln and was reopened in the March auction with E1.49bln sold with a bid-to-cover of 1.90x. We would expect to see similar strong demand at this morning's auction.
  • 1.70% Jun-50 OLO: The benchmark 30-year OLO has not been reopened for a year. It was launched via syndication in January 2019 for E5bln then reopened via auction in April 2019, March 2020 and May 2020. A total of E7.41bln of the bond is outstanding. Long-dated Belgian supply has been strong so far this year with the 50-year syndication seeing books of E53bln in February and the 20-year auction seeing E1.46bln of bids in March.
  • Timing: Results will be available shortly after the auction closes at 11:00BST/12:00CET.
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