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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open 4-month Jul 12,

2018 T-bill and issue new 12-month Mar 7, 2019 T-bill for a combined total of

between E2.6-E3.0bln on Tuesday. 

- RV: Mid-yield on the Jul 12, 2018 BTC is seen trading at -0.613%, close to the

middle of its 1-month range of between -0.585% and -0.635%. As for Mar 7, 2019

BTC, the grey market is indicating a mid-yield of around -0.574% which is

-22.8bps vs Eonia and a pick up of 0.2bp vs Jan 10, 2019 BTC.

- HISTORY: For comparison at the last 4-month T-bill auction on Feb 27 the

Belgium Treasury allotted E800mln at average yield -0.614% and covered 2.1

times. At the last 12-month T-bill auction on Feb 6, E1.26bln was allocated at

an average yield of -0.548% and covered 2.07 times. 

- REDEMPTION: There is a T-bill redemption of E3.735bln this week, therefore

could leave net cash flow negative to the tune of E735mln, which is seen

underpinning demand.

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