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Citi previews the Belgian.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Citi previews the Belgian auction later this morning, writing
"Belgium will today issue E3-3.6bn across OLO 0.2% Oct23, 0.8% Jun28, 1.45%
Jun37 and 2.15% Jun66. In RV, Oct23s has cheapened on the Sep21-Oct23-Jun25
yield fly since Sep'17. 10yr OLOs are trading near the cheap-end of the range vs
OATs which has been held since Jun'17. Jun37s has sharply cheapened on the
Jun27-Jun37-Jun47 yield fly over the past 2 weeks."

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