The Dutch State publishes the Quarterly Outlook and issuance calendars for the third quarter of 2025, and announces the auction date for a new 30-year benchmark bond

Quarterly Outlook

The Quarterly Outlook contains updates on the economic, budgetary and climate outlooks, the funding plan and the issuance calendars for the third quarter of 2025.

Funding plan in 2025

The Dutch State Treasury Agency (DSTA) updates its funding plan for 2025 and expects no significant change in the cash deficit compared with the amount communicated at the end of March 2025. This means the estimated total funding requirement remains at €88.9 billion for 2025. Further updates on the 2025 funding requirement will be provided with the next Quarterly Outlook in September. If circumstances warrant an earlier update, this will be communicated accordingly.

_{*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
** The loan facility to TenneT in 2025 comprises €14.2 billion of this amount.}

Call on the capital and money markets

Given an unchanged funding plan, both the call on the capital market as well as the money market remain unchanged for now. This means the DSTA is committed to an expected issuance of €40 billion on the capital market and an expected issuance of €48.9 billion on the money market.

Auction of new 30-year benchmark bond on 23 September 2025

In its Outlook 2025, the DSTA announced that it would issue a new 15+year benchmark bond. Today the DSTA announces the details for the issuance of this new 30-year benchmark bond. The auction date, maturity date, reference bond and target volume are as follows:

DSL issuance calendar third quarter 2025

In the third quarter of 2025 the DSTA will use three auction slots, one of which remains optional. On 23 September 2025, the DSTA will issue the new 30-year benchmark bond via DDA with a maturity date of 15 January 2056. Details for the tap auctions, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6). 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 third quarter 2025

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the third 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. During the summer period, there will be a single programme auctioned with the possibility to add a second programme. Further details of the auction will be announced on the Wednesday prior to the auction (t-5). 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.