Belgium's Debt.......>

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open 3-month Jan 11,

2018 T-bill and issue new 12-month Oct 11, 2018 T-bill for a combined total of

between E1.9-E2.3bln on Tuesday. 

- RV: Mid-yield on the Jan 11, 2018 BTC is seen trading at -0.648%, towards the

bottom end of its 1-month range of between -0.579% and -0.645%. As for the new

12-month Oct 11, 2018 BTC, the grey market is indicating a mid-yield of around

-0.504%, which is 7.4bp discount to the Sep 13 BTC, according to Tradeweb.

- HISTORY: For comparison at the last 3-month T-bill auction on Oct 3 the

Belgium Treasury allotted E665mln at average yield -0.652% and covered 3.71

times. For comparison at the last 12-month T-bill auction on Sep 12, E1.601bln

was allocated at an average yield of -0.581% and covered 1.43 times. 

- REDEMPTION: There is a T-bill redemption of E3.56bln this week, therefore

could leave net cash flow negative to the tune of E1.26bln, which is seen

underpinning demand.

- TIMING: Results are due to be announced around 0940GMT.