Announcement Quarterly Outlook and issuance calendar Q3 2026

Quarterly Outlook

The Quarterly Outlook contains updates on the economic, budgetary and climate outlooks, the funding plan and the issuance calendars for the third 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 €8 billion compared with the amount communicated in March 2026. This means the total funding requirement for 2026 is lowered to €102.2 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 call on the capital market remains unchanged at €50 billion (nominal). This is excluding use of the non-competitive option and the ORI auctions, which is why the total call on the capital market could be more than €50 billion. The money market is used to raise the remainder of the funding need.

ORI auctions

In the Quarterly Outlook Q2 the DSTA announced it would begin a pilot with Optional Reverse Inquiry (ORI) auctions in 2026. The DSTA is currently working on the preparations and has published an information document with further details. The first ORI auction being planned for the end of August.

DSL issuance calendar third quarter 2026

In the third quarter of 2026 the DSTA will use four auction slots. On 29 September 2026 the DSTA will launch a new DSL via DDA with a maturity of more than 10 years. The exact maturity will be decided at a later stage. On 14 July 2026, the 5-year DSL January 2031 will be reopened by means of a tap auction. On 28 July 2026, the DSTA will tap the 10-year benchmark DSL July 2036. Details for the tap auction on 8 September 2026, 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 third quarter 2026

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the third 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. During the summer period, there will be a single programme auctioned with the possibility of adding a second programme. 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.