The Dutch State publishes the Quarterly Outlook and issuance calendars for the fourth quarter of 2025

Quarterly Outlook

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

Funding plan in 2025

The Dutch State Treasury Agency (DSTA) updates its funding plan for 2025 and expects a reduction in the cash deficit compared with the amount communicated at the end of June 2025. This means the total funding requirement for 2025 is lowered to €87.1 billion. This is the last regular update on the 2025 funding requirement. If circumstances warrant an extra update, this will be communicated accordingly.

_{*A cash deficit is shown as a positive number because it increases the total borrowing requirement.}

Call on the capital and money markets

Given a decreased funding plan, the call on the money market will be reduced accordingly. The DSTA expects a call on the money market amounting to €47.1 billion for 2025. The call on the capital market remains unchanged, which means the DSTA is committed to an expected issuance of €40 billion.

DSL issuance calendar fourth quarter 2025

In the fourth quarter of 2025 the DSTA will use three auction slots. On 11 November 2025, the DSTA will tap the 10-year benchmark DSL, bringing the outstanding amount above the minimum of €12 billion. Details for the other two 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 fourth quarter 2025

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the fourth 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, except for December where the DTC-auctions will be on the first and second Monday of the month. 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.