Today the DSTA has published the Quarterly outlook and the issuance calendar for the fourth quarter of 2017.
The Quarterly outlook provides information on the launch of a new 7-year bond. It also comes with an update of the funding requirement for 2017, presents the issuance calendar for the fourth quarter of 2017 and gives a first estimate of the funding requirement for 2018. Moreover, it discusses the latest economic and budgetary projections for the Netherlands and reveals the date on which the Outlook 2018 will be presented.
Two DSL auctions are planned for the fourth quarter. First, a Dutch Direct Aution (DDA) will be held on Wednesday 11 October 2017 to launch the DSL 2024. Second, on Tuesday 14 November the 10-year benchmark bond will be reopened a final time, through means of a tap auction, to reach an outstanding volume of at least € 15 billion.
DSL issuance calendar fourth quarter 2017
Auction date |
Details |
Target volume (€ bn) |
11 October |
DDA DSL 15 January 2024 |
5 – 7 |
14 November |
Reopening DSL 0.75% 15 July 2027 |
2 – 3 |
The fourth quarter has six Dutch Treasury Certificates (DTC) auction dates. The calendar follows the usual pattern, that being the launch of a new 6-month DTC-programme on the first Monday of the month and a reopening of that same programme on the third Monday of the month together with the reopening of a 3-month programme. An exception is the second auction date in October. This does not include a 3-month line as it was decided last quarter to not issue a December 2017 DTC-line. Another exception is the last DTC-auction date in December, which is on the second instead of the third Monday of the month.
DTC issuance calendar fourth quarter 2017
Auction date |
Settlement date |
3-month programme |
6-month programme |
2 October |
4 October |
29 March 2018 | |
16 October |
18 October |
29 March 2018 | |
6 November |
8 November |
30 April 2018 | |
20 November |
22 November |
31 January 2018 |
30 April 2018 |
4 December |
6 December |
31 May 2018 | |
11 December |
13 December |
28 February 2018 |
31 May 2018 |