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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.

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