On Tuesday,..........>

BELGIUM T-BILL AUCTION PREVIEW: On Tuesday, Belgium's Debt Agency re-opens the

1-month Dec 12, 2018 T-Bill, the 3-month Mar 7,2019 T-Bill, and sells the new

12-month Nov 7,2019 T-Bill for a combined E3.0bln-E3.7bln.  

- HISTORY: At the last auction involving 1-month and 3-month T-Bills on Oct 30:

E1.397bln was allotted of the 1-month T-Bill at an average yield of -0.627% with

a cover of 2.00x, and E0.5bln of the 3-month was allotted at an average yield of

-0.714% with a cover of 3.03x. 

At the last auction involving a 12 month T-Bill on Sep 9, E1.02bln was allotted

at an average yield of -0.567 with a cover of 3.09x. 

- BACKGROUND/RV: The Belgium 2-year benchmark currently trades at -0.518% having

traded in the -0.4%/-0.55% channel since January, managing to hold off lower

yields as the Belgium equity market has fallen to 15 month lows. The spread Vs

2-Year Bunds has grown slightly to 40bps. 

- TIMING: Results will be due shortly after the auction closes at 1035GMT.