DSTA announces auction date, maturity date, reference bond and target volume for new 10-year benchmark bond
In its Outlook 2016, the DSTA announced that it would issue a new 10-year benchmark bond. The DSTA indicated that the window for launching this bond would be March 2016.
Today the DSTA announces the characteristics for the issuance of this bond. The auction date, maturity date, reference bond and target volume are as follows:
|
Auction date |
Tuesday 22 March 2016, start 10.00 CET |
|
Maturity date |
15 July 2026 (short first coupon) |
|
Reference bond |
DBR 0.50% 15 February 2026 |
|
Target volume |
€ 4 - € 6 billion |
|
Settlement date |
Thursday 24 March 2016 |
|
Coupon |
To be announced Friday 18 March 2016 |
|
Initial spread guidance |
To be announced Monday 21 March 2016 |
In case of unforeseen market conditions, the DSTA reserves the right to change the date of the auction.
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 of their choice.
The book opens at 10.00 CET and closes at 17.00 CET 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 CET on the following day. The DSTA aims to price on the auction day itself. More information on the DDA auction methodology can be found on this website.