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

BELGIUM T-BILL AUCTION PREVIEW: Belgium's Debt Agency re-open Nov 8, 2018 T-bill

and launch a new 12-month Jul 11, 2019 T-bill for a combined amount of between

E2.6-E3.0bln on Tuesday. 

- RV: Bid-yield on the Nov 8, 2018 TC is seen trading at -0.543%, according to

Tradeweb close to the top end of its 1-month range of between -0.541% and

-0.606% and is -20.5bp vs Eonia. As for the new Jul 11, 2019 TC, the grey market

is indicating a mid-yield of -0.549% according to Tradeweb, -19bp vs Eonia and a

pick up of 0.7bp vs May 9, 2019 TC.

- HISTORY: For comparison the Nov 8, 2018 T-bill was last tapped on Jul 3 where

the Belgium Treasury allotted E803mln at average yield -0.603% and covered 3.12

times. While at the last 12-month T-bill auction on May 8, 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 E5.997bln this week,

therefore could leave net cash flow negative to the tune of E2.997bln, which is

seen underpinning demand.

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