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

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

for an indicative amount of between E1.1-E1.5bln on Tuesday.

- BACKGROUND: Belgium are tapping only one T-bill this week instead of the usual

two, in a sign that cash flow requirements are easing.

- RV: Ask-yield on the Nov 8, 2018 TC is seen trading at -0.565%, according to

Tradeweb close to the top end of its 1-month range of between -0.563% and

-0.666% and is -18.6bp vs Eonia, slightly cheaper than seen when this TC was

last tapped.

- HISTORY: For comparison the Nov 8, 2018 T-bill was last tapped on Jul 10 where

the Belgium Treasury allotted E1.14bln at average yield -0.57% and covered 2.11

times. Prior to that the Nov 8, 2018 T-bill was tapped on Jul 8 for E803mln at

an average yield of -0.603% and covered 3.12 times. 

- REDEMPTION: There is no Belgium T-bill redemption this week, therefore could

leave net cash flow positive to the tune of E1.5bln, which is seen weighing on

demand.

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