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5/10/20-year OLOs

BELGIUM AUCTION PREVIEW

The Belgian Debt Agency will come to the market today to sell E2.5-3.0bln of 5/10/20-year OLOs.

  • 1.00% Jun-26 OLO: The 1.00% Jun-26 OLO was last sold via a conventional auction back in September 2019, but has since been reopened through the ORI facility, most recently in December and February. On 5 February E350mln was sold from bids of E555mln, resulting in a bid-to-cover of 2.67x at a yield of -0.56%. More recently on 22 February, the BDA sold E755mln of the 0.80% Jun-25 OLO at its 22 February auction with a bid-to-cover of 2.21x.
  • 0% Oct-31 OLO: the 0% Oct-31 OLO was launched via syndication on 12 January with E6bln sold from books of E50bln. The last auction of a 10-year benchmark saw the 0.10% Jun-30 OLO sold for E1.15bln on 19 October with a bid-to-cover of 1.71x.
  • 0.40% Jun-40 OLO: The benchmark 20-year OLO was sold via syndication on 18 February 2020 for E5bln with books of E27bln. It has not been reopened since. The closest comparable this year has been the ORI operation for the 5.00% Mar-35 OLO which saw E145mln sold from bids of E215mln on 5 February.
Timing: Results will be available shortly after the auction closes at 11:00GMT (12:00CET).
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