Publication of Outlook 2026, issuance calendar first quarter and advisors

Funding plan

The funding plan for 2026 is estimated to amount to €112 billion. Given the degree of uncertainty in estimates over previous years, the DSTA has made an adjustment in the estimated cash deficit, aiming to prevent large downward revisions in the borrowing requirement throughout 2026.

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

At the beginning of January 2026, the DSTA will communicate a first update of the borrowing requirement to reflect the net money market ultimo 2025.

Policy framework debt management: 2026 and onwards

Issuance in 2026 will mark the first year under the new policy framework debt management. Issuance in 2026 will contribute to the DSTA’s goal to slightly shorten the average maturity of the debt, swap and cash portfolio to a minimum of 7.5 years. Additionally, the DSTA has decided to increase the minimum outstanding volume target for new Dutch State Loan (DSL) issuances with a maturity of up to and including 10 years from €12 billion to €15 billion. For maturities shorter than 10 years, this volume must be reached within 12 months of the initial issuance, while for the 10-year benchmark the €15 billion target must be reached within the calendar year. In this way, the DSTA aims to stimulate liquidity in the DSL market. Moreover, this ensures that the minimum levels remain proportional to the total nominal amount of outstanding debt. The one-year refixing amount will remain unchanged at a maximum of 25% of the state debt, which provides an adequate balance between risk and flexibility.

Capital market issuance in 2026

The DSTA foresees issuances of DSLs on the capital market for approximately €50 billion (nominal, excluding use of the non-competitive option). The total call on the capital market could develop upwards throughout 2026 if Primary Dealers make use of their right to the non-competitive option. Given the uncertainty in the overall borrowing requirement, the DSTA primarily uses the money market in a flexible way to accommodate for this uncertainty. This ensures stability in the call on the capital market.

The call on the capital market for 2026 will consist of the following issuances:

• Launch of a new 10-year benchmark bond (the DSL 15 July 2036) by means of a DDA), for an initial size of €6 – 7 billion.The DSTA is committed to bring the outstanding volume of this bond to a minimum of €15 billion by the end of 2026;
• Launch of a new benchmark bond by means of a DDA with a maturity of more than 10 years.
• Launch of a new 5-year benchmark bond, the DSL 15 January 2031, through the MTS platform, on January 13 2026. The size of the initial issuance will be €4 - 5 billion.The DSTA is committed to bring the outstanding volume of this bond to a minimum of €15 billion within 12 months of the initial issuance;
• “To be determined” DSL issuances for an amount of €14 billion in order to respond to market demand and ensure liquidity across the curve.

The DSTA has the option to reopen any of its existing DSLs, including both green DSLs. The DSTA could also opt to issue more than the indicated volume in each of the abovementioned DSLs.

^{* Nominal amount, excluding use of the non-competitive option}

Traditionally, DSL auctions are scheduled on the second and fourth Tuesday of each month. In the first quarter of 2026, four auction dates will be used. The DSTA will start the year with the initial issuance of the new 5-year benchmark, the DSL 15 January 2031. This bond will be placed via MTS as a tap auction, including the right to the non-competitive option after the auction. The remaining dates in the first quarter will be used to launch the new 10-year benchmark DSL July 2036 by means of a DDA, and to reopen two existing DSLs, to be determined at a later stage. Target volume and other details will be announced no later than the Wednesday prior to an auction.

DSL-issuance calendar first quarter 2026

^{* Target volume and other details will be announced at a later stage, but no later than the Wednesday prior to the auction date (t-6).}

Money market issuance in 2026

The DSTA will continue its regular presence on the money market through the issuance of DTCs. Auction dates typically contain both a shorter-dated programme and a longer-dated programme. Auctions are held on the first and third Monday of the month. Moreover, to better meet investor demand at month’s end, DTC programmes mature at the second-to-last business day of the month (rather than on the last business day).

DTC-issuance calendar first quarter 2026

^{* Auction details will be announced on Wednesday prior to the auction (t-5).}

Advisors

The DSTA has appointed ABN AMRO, Bank of America, Barclays, HSBC, Jefferies and Morgan Stanley as its advisors for the DDAs in the upcoming calendar year. The advisors are selected based on their Primary Dealer DSL ranking of 2025.

Press Inquiries

For inquiries about the Outlook and the funding plan for 2026, please contact Thaisa Cijntje, spokesperson for the DSTA.

Per phone: +31 6 46 83 63 43 / Per e-mail: t.m.cijntje@minfin.nl