Trial now

Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

Belgium on Monday...........>

BELGIUM AUCTION PREVIEW: Belgium on Monday re-opens four OLOs for a total of
between E3.4-3.9bln: 0.20% Oct-23, 0.80% Jun-28, 1.60% Jun-47, and 2.25% Jun-57.
- BACKGROUND: Belgium has met 77% of planned issuance for 2018, but sale at the
top end of the range Monday would put the country at around 89% completion -
just E3.3bln remaining to go by MNI estimates. With auctions averaging
E3.5-4.0bln this year, it is possible a November sale could be skipped. The
0.20% Oct-23 was last sold Jun 18 at 0.00% yield and 2.3x cover.  The 0.80%
Jun-28 was also last sold Jun 18, at 0.73% yield and 1.6x cover. The Jun 18
auction also saw sale of the 1.60% Jun-47, at 1.70% yield and 1.7x cover.
Finally, the 2.25% Jun-57 was last sold Apr 23 at 1.82% yield and 1.7x cover.
- REDEMPTIONS: With E15.8bln in eurozone redemptions due next week (none from
Belgium) and minimal coupons, net cash flow will be positive at E6.6bln, vs
+E0.4bln this week, therefore unlikely to offer support to the auction.
- TIMING: Results are due shortly after 0945GMT.