Today the DSTA published the Quarterly outlook and the issuance calendar for the third quarter of 2017. In this Quarterly outlook the latest developments concerning the economy, the budget and the funding need are discussed. Also the intention to move towards a direct membership of Eurex CCP in the near future is announced. Finally, the DSL and DTC issuance calendars are presented, as shown below.
In the third quarter, two tap auctions are planned for Dutch State Loans (DSLs). The quarter will start with the reopening of the off-the-run DSL 2047 on 11 July, followed by the reopening of the 10-year DSL on 12 September. Finally the DDA for the launch of the new 7-year DSL is planned in September / October. The details for this DDA will be announced in due time.
Indicative DSL issuance calendar third quarter 2017
|
Month |
Date |
Details |
Target volume (€ bn) |
|
July |
11 |
Reopening DSL 15 January 2047 |
0.75 – 1.25 |
|
September |
12 |
Reopening DSL 15 July 2027 |
2 – 3 |
|
September / October |
The date for the DDA will be announced in due time |
New 7-year DSL 2024 |
The target volume for the DDA will be announced in due time |
Note: announcement of all auction details is on the Wednesday prior to the auction date.
The third quarter has the regular six auction dates for Dutch Treasury Certificates
(DTCs). In response to market demand and due to a decreasing funding need, the December DTC-programme will not be issued. By cancelling the December programme, the DSTA aims to concentrate issuance in the remaining DTC-programmes, thereby enhancing liquidity. The quarter will start with the issue of the new January 2018 DTC-programme, which will be reopened again in August and subsequently in the fourth quarter.
Indicative DTC issuance calendar third quarter 2017
|
Auction date |
Settlement date |
3-months programme |
6-months programme |
|
3-7-2017 |
5-7-2017 |
31-1-2018 | |
|
17-7-2017 |
19-7-2017 |
29-9-2017 | |
|
7-8-2017 |
9-8-2017 |
31-1-2018 | |
|
21-8-2017 |
23-8-2017 |
31-10-2017 | |
|
4-9-2017 |
6-9-2017 |
28-2-2018 | |
|
18-9-2017 |
20-9-2017 |
30-11-2017 |
28-2-2018 |
Note: shaded fields indicate new programmes; announcement of all auction details is on the Wednesday prior to the auction date.
Image: © Nationale Beeldbank / Outlook 2017
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