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PREVIEW: 2-Year JGB Supply Due


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Belgium will tap the........>

BELGIUM AUCTION PREVIEW: Belgium will tap the market today for E2.7-3.2bln. On
offer are the 0.50% Oct-24 OLO, 0.90% Jun-29 OLO, 1.90% Jun-38 OLO and the 2.15%
Jun-66 OLO.
- BACKGROUND: The 0.50% Oct-24 OLO serves as the 5-year benchmark and was last
sold on April 29 with E0.95bln sold at an average yield of -0.16% and
bid-to-cover of 1.78x. The 0.90% Jun-29 OLO was previously tapped on the same
day, with E1.17bln sold at an average yield of 0.44% and bid-to-cover ratio of
2.22x. The re-opening of the 1.90% Jun-38 OLO will be the first since March 27
when E1.01bln was sold at an average yield of 1.59% and cover ratio of 1.62x.
The 2.15% Jun-66 OLO was last sold in July 2018 with E0.72bln raised with an
average yield of 1.90% and 1.05x cover. 
- RV/HISTORY: Belgian government bonds have rallied sharply since the beginning
of May and the curve has flattened with 2s30s down ~30bp. Spreads with bunds
have also narrowed with the 10-year differential trading at 41bp and down 9bp
from the widest point in May. 
- TIMING: Results are due shortly after the auction closes at 1030BST.

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