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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open Sep 13, 2018 TC

and May 9, 2019 TC for a combined amount of between E2.1-E2.5bln on Tuesday. 

- RV: Bid-yield on the Sep 13, 2018 BTC is seen trading at -0.555%, according to

Tradeweb close to the middle of its 1-month range of between -0.513% and -0.590%

and -22.1bp vs Eonia. As for May 9, 2019 BTC, the bid-yield is seen at -0.544%

according to Tradeweb, also close to the middle of its 1-month range of between

-0.501% and -0.590% and -21.4bp vs Eonia.

- HISTORY: For comparison the Sep 13, 2018 TC was last tapped on May 8 where the

Belgium Treasury allotted E770mln at average yield -0.574% and covered 1.84

times. While the May 9, 2019 TC was launched on May 8, where E1.834bln was

allocated at an average yield of -0.545% and covered 1.84 times. 

- REDEMPTION: There is a Belgium T-bill redemption of E2.003bln this week,

therefore could leave net cash flow positive to the tune of E0.5bln, which is

seen weighing on demand.

- TIMING: Results are due to be announced around 0935GMT.