On Monday, Belgium kicks....>

BELGIUM AUCTION PREVIEW: On Monday, Belgium kicks EGB issuance for the week off

with taps of three OLOs for a combined amount between E2.5-3.0bln: 0.50% Oct-24

OLO, 0.90% Jun-29 OLO, and 1.70% Jun-50 OLO.

- HISTORY: These OLOs were each tapped previously on March 18th. The 5-Yr

benchmark Oct-24 sold at average yield -0.08% and bid-to-cover of 1.99x, the

10-Yr benchmark Jun-29 sold at 0.52% yield and 2.26x cover, and the Apr-33 sold

at 0.87% yield and 1.75x cover.

- BACKGROUND: Belgium is the most advanced in meeting its 2019 issuance goal

among major EGB issuers (E20bln+), having completed just over 50% already (vs

39% total for the eurozone). Meeting the top end of the target range as it did

at last month's auction would bring completion to 61%.

- RV: The 10-Yr tends to be the biggest individual issue at OLO auctions. Since

the March 18 tap, yields on the Jun-29 are down by 7.8bps though the curve has

basically been flat out to 10-Yrs. The 10-Yr continues to trade around 5bps

inside equivalent EUR swaps, near tightest levels in two years.

- TIMING: Results are due out shortly after 1100BST.