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E1.8-2.3bln of 4/7-year OLOs and 12-year Green OLO

BELGIUM AUCTION PREVIEW

Belgium will hold its first conventional auction of 2021 today (although it has already issued new 10-year and 50-year OLOs via syndication and held an ORI operation). On offer will be E1.8-2.3bln of the 0.80% Jun-25 OLO, the 0.80% Jun-28 OLO and the 1.25% Apr-33 Green OLO.

  • 0.80% Jun-25 OLO: This OLO was reopened four times in H2 2020 through three conventional auctions and through the ORI facility. Bid-to-covers have been decent, exceeding 2.2x in all of the conventional auctions.
  • 0.80% Jun-28 OLO: This OLO has not been reopened since 2018 when it was the on-the-run 10-year benchmark. There has been no issuance in the 6-8 year area of the OLO curve since May.
  • 1.25% Apr-33 Green OLO: The Green OLO was reopened three times in 2020 and has E8.9bln outstanding. Demand for green bonds has remained very strong, with the auctions in September and November seeing bid-to-covers of 3.00x and 4.05x respectively.
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