Announcement Quarterly Outlook and issuance calendar Q2 2026

Quarterly Outlook

The Quarterly Outlook contains updates on the economic, budgetary and climate outlooks, the funding plan and the issuance calendars for the second quarter of 2026.

Funding plan in 2026

The Dutch State Treasury Agency (DSTA) updates its funding plan for 2026 and expects a reduction in the cash deficit of €3.4 billion compared with the amount communicated at the beginning of January 2026. This means the total funding requirement for 2026 is lowered to €110.2 billion.

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

Call on the capital and money markets

Given a decreased funding plan, the call on the money market will be reduced accordingly. The DSTA expects a call on the money market amounting to €60.2 billion for 2026. The call on the capital market remains unchanged, which means the DSTA is committed to an expected issuance of €50 billion (nominal, excluding use of the non-competitive option).

DSL issuance calendar second quarter 2026

In the second quarter of 2026 the DSTA will use five auction slots. On 14 April 2026, the 5-year DSL January 2031 will be reopened by means of a tap auction. On 12 May 2026, the DSTA will tap the 10-year benchmark DSL July 2036. Details for the other three tap auctions, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6). The DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar. Any such change will be announced in a timely manner through a press release.

DTC issuance calendar second quarter 2026

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the second quarter of 2026 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. DTC auctions are held on the first and third Monday of the month. One exception is the first auction in April where the auction will take place one day later, on Tuesday 7 April, due to a public holiday. Further details of the auction will be announced on the Wednesday prior to the auction (t-5). The DSTA reserves the right to add a DTC programme or, alternatively, alter or remove it from the issuance calendar. Any such change is announced in a timely manner through a press release.

^{* Auction on a Tuesday, due to public holiday on the previous day}