Today the coupon for the new 20-year benchmark bond of the Dutch State has been set at 3.75%. The DSTA will launch the new bond on Tuesday 29 September 2026 via a Dutch Direct Auction (DDA). The bond matures on 15 January 2048.
The DSTA aims to raise €5 to 6 billion in the DDA. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of €10 billion within several years. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).
The characteristics of this bond are:
|
Maturity date |
15 January 2048 |
|
Coupon |
3.75 % annually from 2026 (short first coupon) |
|
Issuance size |
€5 - 6 billion |
|
Reference bond |
DBR 3.40% 15 May 2047 |
|
Preliminary initial spread guidance |
To be announced on Monday 25 September 2026 |
|
Auction date |
29 September 2026, start 10:00 CEST |
|
Total PD fees |
€17 million (incl. advisory fees) for the DDA of the DSL 2036 in March 2026 and this DDA |
|
ISIN code |
NL0015074E19 |
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 CEST and closes 17:00 CEST at the latest. The allocation will be announced as soon as possible after the closing of the book, but no later than 9:00 CEST 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 CEST. 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>).