The Belgian debt agency.....>

BELGIUM AUCTION PREVIEW: The Belgian debt agency taps E3.1-3.6bln of 0.50%

Oct-24 OLO, 0.80% Jun-28 OLO, 1.45% Jun-37 OLO, and 2.15% Jun-66 OLO Monday for

a total of E3.1-3.6bln.

- BACKGROUND: Belgium has completed 65% of planned 2018 issuance so far, and a

sale at the high end of the target range would bring this ratio up to 75%. The

Oct-24 was last sold on 23 April (yld 0.37%, cover 2.4x), the Jun-28 on 18

June(yld 0.73%, cover 1.6x), with 19 March seeing sales of the Jun-37 (yld

1.37%, cover 2.1x) and the Jun-66 (yld 1.88%, cover 1.5x).

- RV/HISTORY: Since the last OLO auction on 18 June, the Belgian curve has bull

flattened, with the biggest gains occurring at the 50-Yr tenor which has rallied

by 10.2bps to 1.993%. While yields are substantially down from a month ago, they

are off their lows: the 30-Yr yield for instance is up 8bps from the July low of

1.550%, with most of the rise occurring late on 20 July, just ahead of auction

day. Spreads vs Bunds have edged up slightly since mid-July, with 5-Yr out

0.5bps, 10-Yr out 3.3bps, 20-Yr out 3.9bps, and 50-Yr out the most at 7.2bps.

- RESULTS: Auction results are due around 0945GMT.