The Belgian debt agency.....>

BELGIUM AUCTION PREVIEW: The Belgian debt agency will tap the market for

E2.5-3.0bln on Monday. On offer are the 0.50% Oct-24 OLO, 0.90% Jun-29 OLO and

the 1.25% Apr-33 OLO.

- BACKGROUND: At the last auction of the 0.50% Oct-24 OLO, E0.70bln was allotted

at an average yield of 0.22% and bid-to-cover of 3.07x. The 0.90% Jun-29 OLO was

previously tapped on January 8 with E6.0bln allotted at an average yield of

0.94% and bid-to-cover of 4.77x. The 1.25% Apr-33 OLO was re-opened in February

2018 with E4.5bln sold at an average yield of 1.29% and bid-to-cover of 2.82x.

- RV/HISTORY: The Belgian sovereign curve has progressively flattened since

October/November on the back of short-end yields inching higher and the

longer-end rallying. The 0.50% Oct-24 OLO trades at a yield of -0.060%, off a

YTD low of -0.116% and 21.8bp inside the comparable EUR swap. The 0.90% Jun-29

OLO (first issued on January 15) trades at a yield of 0.525%, at the bottom of

the historical range. The 1.25% Apr-33 OLO yield similarly trades at the bottom

of the range (0.877%) and just 1.0bp inside to the comparable EUR swap.    

- TIMING: Results are due shortly after the auction closes at 1030GMT