Belgium opens the week's....>

BELGIUM AUCTION PREVIEW: Belgium opens the week's European issuance on Monday

morning, selling a combined E2.3-2.8bln in 3 OLOs: 1.00% Jun-26 OLO, 0.90%

Jun-29 OLO, and 1.90% Jun-38 OLO.

- HISTORY: The 10-Yr benchmark Jun-29 was last tapped on July 22, at avg yield

of -0.038%, and bid-to-cover of 1.42x. The Jun-38 was last tapped on June 17, at

average yield 0.747% and 1.50x cover. The Jun-26 hasn`t been sold since 2018.

- RV/HISTORY: It`s been two months since the last OLO auction, and a lot has

happened since, including the ECB delivering a comprehensive package of easing

measures at the September meeting. The Belgian curve has flattened, with the

10-Yr tenor moving more deeply into negative yielding territory (-0.2236%) and

the short end remaining anchored. Still, semi-core EGBs have not really done

much since mid-year vs Bunds, with the 10-Yr Belgium/Germany spread actually

1bps wider since the July auction. Vs equivalent EUR swaps, 10-Yr OLO is trading

a little richer as well, at 6bps inside, vs 12bps at the time of the July

auction. Weak Eurozone PMI data this morning should help underpin, though.

- TIMING: Results are due out a little after 1100BST.