Funding and issuance

1

Funding plan

The Dutch State Treasury Agency (DSTA) updates its funding plan for 2025 and expects a lower cash deficit compared with the amount communicated at the beginning of January 2025. This lowers the total funding requirement by €17.5 billion to a total of €88.9 billion. This decrease is mainly driven by lower than previously expected expenses for 2025. Further updates on the 2025 funding requirement will be provided with the next Quarterly Outlook in June. If circumstances warrant an earlier update, this will be communicated accordingly.

Call on the capital and money markets

Due to uncertainty in the funding need and in line with the funding policy of the DSTA, the decrease of the funding requirement will be absorbed by decreasing the call on the money market. The expected issuance on the capital market for 2025 remains unchanged at around €40 billion. The expected issuance on the money market for 2025 is thus lowered from €66.4 to €48.9 billion.

DSL issuance calendar second quarter 2025

On 4 March 2025, the DSTA launched the new benchmark 10-year DSL 2035 via a Dutch Direct Auction (DDA). In the second quarter, the DSTA will reopen the DSL 2035 through a tap auction on June 10. The DSLs to be auctioned at the remaining auction slots in the second quarter remain to be determined. In the second quarter, the DSTA will issue, as per usual, on the second and fourth Tuesday of each month, the exceptions being the second Tuesday in April (no auction to due to public holidays) and the second Tuesday in June. At least six days prior to the auction, the DSTA will announce which DSL will be issued. The DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar. Any such change will be announced in a timely manner through a press release.

DTC issuance calendar second quarter 2025

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the second quarter of 2025 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. DTC auctions are held on the first and third Monday of the month. Two exceptions are the second auction in April and the first auction in May, where the auction will take place one day later, on Tuesday, due to a public holiday. Further details of the auction will be announced on the Wednesday prior to the auction. The DSTA reserves the right to add a DTC programme or, alternatively, alter or remove it from the issuance calendar. Any such change is announced in a timely manner through a press release.