On Tuesday 10 February 2026, the DSTA will reopen the ‘Green DSL 3.25% 15 January 2044’. The DSTA also announces that the new 10-year benchmark bond, the DSL 15 July 2036, will be launched on Tuesday 3 March 2026 via Dutch Direct Auction (DDA).
Reopening of the Green DSL 15 January 2044 on 10 February 2026
The main characteristics of this bond are:
| Maturity date | 15 January 2044 |
|---|---|
| Coupon | 3.25% |
| Issue date | 10 February 2026 |
| Settlement date | 12 February 2026 |
| Target amount | €1.5 to €2.0 billion |
| Current outstanding amount | €11,307,953,000 |
| First issue of this bond | 17 October 2023 |
| ISIN-code | NL0015001RG8 |
On the issue date at 10 am (CET), the DSTA will announce the price at which Primary Dealers can buy the bond. The issuance will take the form of a tap auction, during which the DSTA may revise the price at any time. The price will be announced on the screens of MTS Netherlands and Bloomberg DSTA. Prior to the auction, at 9.15 am (CET), each Primary Dealer will be offered the possibility to take up 3% of the maximum targeted range against the average price set during the auction. The Primary Dealers can accept this offer via Bloomberg chat until 9.20 am (CET). If a Primary Dealer makes use of this possibility, the transaction is binding after 9.20 am (CET), and the nominal amount so pre-allocated will be taken into account in the total volume issued at the auction.
Professional and private investors may participate in the auction through the Primary Dealers. The Primary Dealers and the borrowing conditions are available on the website. Primary Dealers have the right (under the applicable Primary Dealer conditions) to use the “non-comp” facility after the auction has been closed. Liquidity of the bond will be guaranteed through a repo facility available to the Primary Dealers.
Auction of new 10-year benchmark bond on 3 March 2026
In the Outlook 2026, the DSTA announced that it would issue a new 10-year benchmark bond. Today, the DSTA announces the details for the issuance of this new 10-year benchmark bond. The DSTA has appointed Barclays, HSBC and Jefferies as its advisors for the DDA of the new 10-year benchmark bond The auction date, maturity date, and target volume are as follows:
| Auction date | 3 March 2026, start 10:00 CET |
|---|---|
| Maturity date | 15 July 2036 |
| Reference bond | DBR 2.90% 15 February 2036 |
| Target amount | €6 - €7 billion |
| Pricing | Aim to price on auction date, but no later than 12:00 CET on 4 March 2026 |
| Settlement date | Two days after the issuance price is set |
| Coupon | To be announced on Friday 27 February 2026 |
| Initial spread guidance | To be announced on Monday 2 March 2026 |
The DSTA expects this auction to take place via DDA. As always, the DSTA reserves the right to change the auction method or date of the auction should circumstances warrant this. Specific to the DDA is the direct placement of debt with end-investors. During the DDA, investors can place their bids via one or more Primary Dealers.
On the date of the DDA, 3 March 2026, the book opens at 10:00 CET and closes at 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book. The pricing will occur at the earliest 30 minutes after allocation and no later than 12:00 CET on the following day. The DSTA aims to price on the auction date itself. More information on the DDA auction methodology and the current DDA rules can be found on www.english.dsta.nl.
Updated DSL issuance calendar first quarter 2026
In addition to the announcement of 10 February as the tap auction date of the Green DSL 15 January 2044, the DSTA has also announced 3 March 2026 as the auction date of the new 10-year benchmark bond via DDA. The remaining issuance date in this period will be used to reopen an existing DSL. The details of the DSL to be auctioned on the remaining auction date will be announced at a later stage. Traditionally, DSL auctions are scheduled on the second and fourth Tuesday of the month. Target volume and other details will be announced no later than the Wednesday prior to an auction.
|
Auction date |
Details | Target amount (€ billion) |
|---|---|---|
| 13 January 2026 | New 5-year bond: DSL 15 January 2031 (via MTS) | 4.88 (realized, excluding non-competitive option) |
| 10 February 2026 | Reopening of the Green DSL January 2044 | 1.5 - 2 |
| 3 March 2026 | New 10-year bond: DSL 15 July 2036 (via DDA) | 6 - 7 |
| 24 March 2026 | Tap of an existing DSL* | To be determined |
* 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).