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Belgium`s Debt.......>

BELGIUM T-BILL AUCTION PREVIEW
BELGIUM T-BILL AUCTION PREVIEW: Belgium`s Debt Agency re-opens Jan 10, 2019
T-bill and sells new Sep 12, 2019 T-bill for a combined E2.4-2.8bln on Tuesday.
- BACKGROUND: At the last auction on Sep 4, Belgium sold E0.9bln in Jan 10 TC at
-0.605% average yield and 2.8x cover ratio, whereas the last 12-month sale was
July 10, selling E1.9bln at -0.551% yield and 3.2x cover.
- RV/HISTORY: The 3-month Jan 10 TC is yielding the highest in over a month at
-0.586% (on Tradeweb), having sold off from a low -of -0.613% on Aug 10.
Meanwhile the soon-to-be-former 12-month TC, the Jul 11, is yielding -0.541%,
around the middle of its trading range since the beginning of August. The new
Sep 12 is yielding -0.531% (mid-yield) on grey market according to Bloomberg
data. There are fairly large Belgian T-bill redemptions of E5.4bln this week,
which are seen supporting issuance.
- TIMING: Results are due to be announced around 0935GMT.

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