Free Trial

The Belgian debt agency.....>

BELGIUM AUCTION PREVIEW
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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.