Today, 29 September 2026, the DSTA launched a new 20-year DSL via a Dutch Direct Auction (DDA). The bond has an annual coupon of 3.75% and will mature on 15 January 2048.
In total €24.03 billion in bids has been received in the order book. An amount of €5,990,570,000 was allocated at an uniform cut-off spread of +3.5 basis points over the reference bond, the DBR 3.40% 15 May 2047. Of this amount, 90.02% was allocated to ‘real money’ accounts and 9.98% to ‘other’ accounts.
The issuance price was set at €96.61, which corresponds to an issuance yield of 3.990%.
Please refer to the one-pager-20-year DDA for more details about the allocation.