Based on the actual money market position at year-end 2025, the borrowing requirement for 2026 is now estimated at €113.6 billion. This represents an increase of €1.6 billion compared to the previous estimate. The next regular update on the 2026 funding plan will be included in the Quarterly Outlook scheduled for March 2026.
Updated borrowing requirement for 2026
On Friday 12 December 2025, the DSTA published its Outlook 2026. At that time, the borrowing requirement for 2026 was estimated at €112 billion. Based on the actual money market position at year-end 2025, the borrowing requirement for 2026 is now estimated at €113.6 billion. This represents an increase of €1.6 billion compared to the estimate announced in the Outlook 2026.
The call on the capital market remains unaltered at €50 billion (nominal, excluding use of the non-competitive option.)
| Estimated borrowing requirement for 2026 | Amount (in €billion) |
Difference compared to previous estimate (in €billion) |
|---|---|---|
| Capital market redemptions 2026 | 28.8 | - |
| Money market ultimo 2025 (excl. cash collateral) | 43.8 | 1.6 |
| Cash deficit 2026* | 41 | - |
| Total | 113.6 |
1.6 |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.
DSTA appoints the advisors for the upcoming 10-year and 10+year DDA
The DSTA has appointed Jefferies, HSBC and Barclays as its advisors for the DDA of the new 10-year benchmark bond, the DSL 15 July 2036. As its advisors for the new 10+ year DSL via DDA, the DSTA has appointed ABN AMRO, Morgan Stanley and Bank of America. The advisors are selected based on their Primary Dealer ranking of 2025. The exact timing, maturity and size will be decided at a later stage in consultation with the DDA-advisors appointed for this DSL.
The DSTA will launch the new 10+year DSL by means of a DDA later this year. The exact timing, maturity and size will be decided at a later stage in consultation with the DDA-advisors appointed for this DSL.