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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open 3-month May 10,

2018 T-bill for between E0.9-E1.3bln on Tuesday.

- BACKGROUND: This will be the third and final tap of this treasury certificate

in the last 28 days and currently has E3.893bln outstanding. 

- RV: Mid-yield on the May 10, 2018 BTC is seen trading at -0.553%, close to the

top end of its 1-month range of between -0.540% and -0.720%.

- HISTORY: For comparison at the last May 10, 2018 T-bill auction on Jan 9 the

Belgium Treasury allotted E620mln at average yield -0.570% and covered 2.82

times. Prior to this, on Jan 2 E1.135bln was allotted at average yield of

-0.621% and covered 1.72 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.