Tomorrow, 23 September 2025, the DSTA will launch its new 30-year bond, the 3.50% DSL 15 January 2056, via a Dutch Direct Auction (DDA). Today, the preliminary initial spread guidance vis-à-vis the reference bond is set at +18.5 to +22.5 basis points.
The DSTA reserves the right to adjust the spread guidance before opening the book if circumstances change.
During the auction the spread guidance may also be adjusted. The spread guidance will become final no later than 15:00 CEST tomorrow.
The characteristics of this bond are:
| Maturity date | 15 January 2056 |
|---|---|
| Coupon | 3.50 % annually from 2026 (short first coupon) |
| Issuance size | €4 - 5 billion |
| Reference bond | DBR 2.90% 15 August 2056 |
| Preliminary initial spread guidance | +18.5 to +22.5 basis points |
| Auction date | Tuesday 23 September 2025, start 10:00 CEST |
| ISIN code | NL0015002P70 |
| Total fees PDs | €17 million (incl. advisory fees) for the DDA of the DSL 2035 in March and this DDA |
The target volume of the DDA is €4 to 5 billion. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of €10 billion in several years. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).
The book will open on 23 September 2025 at 10:00 CEST and closes at 17:00 CEST at the latest. The allocation and the cut off-spread will be announced as soon as possible after the closing of the book, and no later than 09:00 CEST on the following day. Allocation is strictly based on pre-announced rules (the DDA rules) in order to ensure a fair and fully transparent auction. The DDA is a uniform price auction. The pricing will occur at the earliest 30 minutes after allocation and no later than 12:00 CEST on the following day. The DSTA aims to determine the price on the auction date itself. Settlement takes place 2 days after pricing.
Further information can be found in the investor presentation and the DDA rules, which are available on the website (english.dsta.nl) and Bloomberg (DDA <GO>)