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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open 3-month Mar 8,

2018 T-bill and issue a new 12-month Dec 13, 2018 T-bill for a combined total of

between E1.7-E2.1bln on Tuesday. 

- RV: Bid-yield on the Mar 8, 2018 BTC is seen trading at -0.744%, close to the

bottom end of its 1-month range of between -0.653% and -0.766%. As for the new

12-month Dec 13, 2018 BTC, the grey market is indicating a mid-yield of -0.658%

which is -31.75bps vs Eonia and is not offering a pick up vs Nov 8, 2018 BTC

according to Tradeweb.

- HISTORY: For comparison at the last 3-month T-bill auction on Dec 5 the

Belgium Treasury allotted E505mln at average yield -0.753% and covered 2.54

times. At the last 12-month T-bill auction on Nov 7, E1.251bln was allocated at

an average yield of -0.640% and covered 2.09 times. 

- REDEMPTION: There is a T-bill redemption of E4.565bln this week, therefore

could leave net cash flow negative to the tune of E2.465bln, which is seen

underpinning demand.

- TIMING: Results are due to be announced around 1040GMT.