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

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

T-bill and Jul 11, 2019 T-bill for between E1.3-E1.7bln on Tuesday. 

- RV: Ask-yield on the Dec 13, 2018 TC is seen trading at -0.557%, according to

Tradeweb close to the top end of its 1-month range of between -0.542% and

-0.648% and is -17.5bp vs Eonia. As for the Jul 11, 2019 TC, ask-yield is

currently seen at -0.556% according to Tradeweb, also close to top end of its

1-month range of between -0.553% and -0.572%, is -18.4bp vs Eonia and a pick up

of 1.5bp vs May 9, 2019 TC.

- HISTORY: For comparison at the last 3-month T-bill auction on Jul 31 the

Belgium Treasury allotted E1.335bln at average yield -0.55% and covered 2.26

times. While the Jul 11, 2019 TC was launched on Jul 10 where E1.86bln was

allocated at an average yield of -0.553% and covered 2.06 times. 

- REDEMPTION: There is a Belgium T-bill redemption of E2.258bln this week,

therefore could leave net cash flow negative to the tune of E558mln, which is

seen underpinning demand.

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