The Belgian Debt Agency.....>

BELGIUM AUCTION PREVIEW: The Belgian Debt Agency will come to market on Feb 05

to tap the 3-month May 9 2019 bill for E0.8-1.2bln. 

- HISTORY: For comparative purposes, at the last auction of a 3-month bill on

Jan 15: 

E0.84bln was allotted, average yield of -0.55%, cover 3.03x.   

- BACKGROUND: On Monday IFO President Clements Fuest commented that "experts are

increasingly pessimistic about future exports, investments, and private

consumption" from the eurozone and that he expects short-term interest rates to

"rise more slowly in the next six months". 

However yesterday was a quiet morning in the Eurozone with all contracts in the

strip either unchanged on the day or 0.5 ticks lower. This could change prior to

the auction as we see the final service PMI prints Tuesday between 0815GMT and

0900GMT.

The Belgian 3-month bill currently trades at a yield of -0.506% with a price of

100.13. 

- TIMING: Results will be due shortly after he auction closes at 1030GMT.