Belgium will re-open the....>

BELGIUM AUCTION PREVIEW: Belgium will re-open the 0.20% Oct-23 OLO, 0.80% Jun-28

OLO, 1.60% Jun-47 OLO and the 2.25% Jun-57 OLO on Monday.

- BACKGROUND: Belgium has met 77% of planned issuance for 2018, marginally

better than the 75% total for the Eurozone.

- RV/HISTORY: On the back of the longer end outperforming the BGB curve has

flattened since the first quarter of the year with the 2s10s spread narrowing to

119.2bps from a high of 149.3bps on February 12. The 0.20% Oct-23 OLO (5-year

benchmark) trades at 0.028%, down from a YTD high of 0.327% on February 2 and

trading in the middle of the YTD range. The 0.80% Jun-28 OLO (10-year benchmark)

trades at 0.743%, down from 1.035% on February 20 and 16.0bps inside the

comparable EUR swap. The 1.60% Jun-47 OLO (30-year benchmark) trades at 1.691%

and has oscillated during the year within a 1.517-1.789% range. 

- REDEMPTIONS: There are E15.2bln in EGB redemptions this week which may provide

some support to the auction. 

- TIMING: Results are due shortly after the auction closes at 0945GMT.