Today the coupon for the new 10-year benchmark bond of the Dutch State has been set at 2.75%. The DSTA will launch the new bond on Tuesday 3 March 2026 via a Dutch Direct Auction (DDA). The bond matures on 15 July 2036.
The DSTA aims to raise €6 to 7 billion in the DDA. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of €15 billion by the end of 2026. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).
The characteristics of this bond are:
| Maturity date | 15 July 2036 |
|---|---|
| Coupon | 2.75 % annually from 2026 (short first coupon) |
| Issuance size | € 6 - 7 billion |
| Reference bond | DBR 2.90% 15 February 2036 |
| Preliminary initial spread guidance | To be announced on Monday 2 March 2026 |
| Auction date | Tuesday 3 March 2026, starting at 10:00 CET |
| Total fees PDs | € 17 million (incl. advisory fees) for this DDA and the DDA of a new 10+year DSL in 2026 |
| ISIN code | NL0015073VV8 |
Specific to the DDA is the direct placement of the bond with end-investors. During the DDA, investors can place their bids via one or more PDs of their choice.
The book opens at 10:00 CET and closes 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book, but no later than 9:00 CET the following morning. The DSTA aims to determine the price on the auction day itself. The pricing will take place at least 30 minutes after allocation and preferably on the auction day itself. In case of exceptional circumstances, the DSTA reserves the right to set the price on the day after the DDA, at the latest on 12:00 CET. Settlement takes place two days after pricing.
The DSTA reserves the right to postpone the DDA if circumstances would not allow for an orderly auction. 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>).