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

BELGIUM T-BILL AUCTION PREVIEW
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.

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