In the Quarterly Outlook for the third quarter of 2026, the DSTA announced that it would issue a new 10+ year DSL by means of a Dutch Direct Auction (DDA) on 29 September 2026. Today, the DSTA announces the details for the issuance of this new benchmark DSL. The DSTA has appointed ABN AMRO, Morgan Stanley and Bank of America as its advisors for the DDA of the new 20-year benchmark DSL.
The maturity date and reference bond are as follows:
| Auction date | 29 September 2026, start 10:00 CEST |
|---|---|
| Maturity date | 15 January 2048 |
| Reference bond | DBR 3.40% 15 May 2047 |
| Target amount | €5 - €6 billion |
| Pricing | Aim to price on auction date, but no later than 12:00 CEST on 30 September 2026 |
| Settlement date | Two days after the issuance price is set |
| Coupon | To be announced on Friday 25 September 2026 |
| Initial spread guidance | To be announced on Monday 28 September 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, 29 September 2026, the book opens at 10:00 CEST and closes at 17:00 CEST 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 CEST 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 english.dsta.nl.
The Dutch State reopens the DSL July 2036
On Tuesday 8 September 2026, the Dutch State Treasury Agency (DSTA) will reopen the ‘DSL 2.75% 15 July 2036’. The characteristics of this bond are:
| Maturity date | 15 July 2036 |
|---|---|
| Coupon | 2.75% |
| Issue date | 8 September 2026 |
| Settlement date | 10 September 2026 |
| Target amount | €2.5 to €3.0 billion |
| Current outstanding amount | €12,727,232,000 |
| First issue of this bond | 3 March 2026 |
| ISIN code | NL0015073VV8 |
On the issue date at 10:00 am (CEST), 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 (CEST), 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 (CEST). If a Primary Dealer makes use of this possibility, the transaction is binding after 9:20 am (CEST), 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.