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5/10/30-Year OLOs

BELGIUM AUCTION PREVIEW
MNI (London)
  • On offer today: E2.7-3.7bln of OLOs
    • 0% Oct-27 OLO (ISIN: BE0000351602)
    • 0.35% Jun-32 OLO (ISIN: BE0000354630)
    • 1.40% Jul-53 OLO (ISIN: BE0000355645)
  • Market colour: 5/10-year OLOs saw yields rose close to 110bp and 105bp to the June 16 highs of 2.008% and 2.552%. Yields are now back around 1.121% and 1.765% respectively.
  • 30-year OLOs saw a later high of 2.954% on June 21, up 95bp since the beginning of May. Yields have since decreased 51bp to 2.446%.
  • 5/10-year OLO spreads to the Bobl and Bund widened just over 10bp since the beginning of May, to stand around 37.1bp and 68.9bp at the time of writing, just a couple of basis points off highs seen on July 6 and June 14.
  • 30-year OLO spreads to the 0% Aug-52 Bund are currently around 108.5bp, just over 1bp off the July 11 high, having widened close to 13bp since the beginning of May.
  • Timing: Results will be available shortly after the auction closes at 1100 BST / 1200 CEST.

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