The Dutch State publishes the Quarterly Outlook and issuance calendars for the fourth quarter of 2026. The expected funding plan for 2026 is estimated to be €98.3 billion, a decrease of €3.9 billion compared to the forecast from June. The DSTA leaves the call on the capital market unchanged at around €50 billion, excluding use of the non-competitive option and excluding the Optional Reverse Inquiry (ORI) pilot auctions. The remaining funding need will be raised through the money market.
Quarterly Outlook
The Quarterly Outlook contains updates on the economic, budgetary and climate outlooks, the funding plan and the issuance calendars for the fourth quarter of 2026.
Funding plan in 2026
| Estimated borrowing requirement for 2026 | Amount (in €billion) | Change since June 2026 (in €billion) |
|---|---|---|
| Capital market redemptions 2026 | 28.8 | - |
| Net money market ultimo 2025 (excluding cash collateral) | 43.8 | - |
| Cash deficit 2026* | 25.7 | -3.9 |
| Total borrowing requirement 2026 | 98.3 | -3.9 |
*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 lower expected funding need, the call on the money market will be decreased accordingly. The call on the capital market remains unchanged at €50 billion nominal, excluding the non-competitive option and excluding the ORI pilot auctions. The ORI auctions are reflected in the overall funding plan of the DSTA and will hence result in a lower call on the money market.
DSL issuance calendar fourth quarter 2026
In the fourth quarter of 2026, the DSTA will use a minimum of three and up to four auction slots. The DSTA will tap the DSL January 2031 on 13 October 2026, bringing the outstanding amount above the minimum of €15 billion. There will be two or three other tap auction slots during the fourth quarter, on 27 October (optional auction), 10 November and 24 November. The DSTA will announce the DSL to be issued, including the target volume, 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.
| Auction date | Details | Target volume (€billion) |
|---|---|---|
| 13 October 2026 |
Reopening of the DSL 15 January 2031 | 2.5 - 3.5 |
| 27 October 2026 (optional) | Tap of an existing DSL | To be determined |
| 10 November 2026 | Tap of an existing DSL | To be determined |
| 24 November 2026 | Tap of an existing DSL | To be determined |
DTC issuance calendar fourth quarter 2026
As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the fourth quarter of 2026 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, except for December where the DTC auctions will be on the first and second Monday. 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 will be announced in a timely manner through a press release.
| Auction date | Settlement date | Shorter-dated programme | Longer-dated programme |
|---|---|---|---|
| 5 October 2026 | 7 October 2026 | 27 November 2026 | 30 March 2027 |
| 19 October 2026 | 21 October 2026 | 28 January 2027 | 30 March 2027 |
| 2 November 2026 | 4 November 2026 | 25 February 2027 | 29 April 2027 |
| 16 November 2026 | 18 November 2026 | 28 January 2027 | 29 April 2027 |
| 7 December 2026 | 9 December 2026 | 30 March 2027 | 28 May 2027 |
| 14 December 2026 | 16 December 2026 | 25 February 2027 | 28 May 2027 |