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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open 4-month May 10,

2018 T-bill and issue a new 12-month Jan 10, 2019 T-bill for a combined total of

between E2.3-E2.7bln on Tuesday. 

- RV: Mid-yield on the May 10, 2018 BTC is seen trading at -0.561%, close to the

top end of its 1-month range of between -0.557% and -0.758%. As for the new

12-month Jan 10, 2019 BTC, the grey market is indicating a mid-yield of around

-0.56% which is -22.5bp vs Eonia and a pick up of 2.5bp vs Dec 13, 2018 BTC

- HISTORY: For comparison at the last 3-month T-bill auction on Jan 2 the

Belgium Treasury allotted E1.135bln at average yield -0.621% and covered 1.72

times. At the last 12-month T-bill auction on Dec 12, E1.301bln was allocated at

an average yield of -0.650% and covered 1.47 times. 

- REDEMPTION: There is a T-bill redemption of E3.889bln this week, therefore

could leave net cash flow negative to the tune of E1.189bln, which is seen

underpinning demand.

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