Belgium Cancels May 22 Auction; Bond Syndication Likely Soon

The Belgian debt agency said Monday it had cancelled a government bond auction scheduled for May 22, adding that it was monitoring the market and would provide more details in due course.

The debt agency didn't provide any further information. However, the body usually cancels an upcoming auction when it is preparing for a bond syndication and market participants said last week that one could happen as early as this week.

Earlier on Monday, the French Treasury Agency announced it had hired banks for the syndicated launch of a new May 2048-dated OAT in the near future, subject to market conditions. The deal may go ahead as early as Tuesday.

Some in the industry think the Belgian agency is likely to wait until the France issuance takes place, to avoid competing supply.

-Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

May 15, 2017 10:55 ET (14:55 GMT)