Quarterly outlook and issuance calendar fourth quarter 2016

Today, the DSTA published the Quarterly outlook and announced the issuance calendar for the fourth quarter of 2016.

The Quarterly outlook contains an update of the funding plan for this year and the latest economic and budgetary projections. It also contains a first estimate of the funding need for 2017.

The DSL and DTC issuance calendars for the fourth quarter are shown below. Two reopenings of Dutch State Loans (DSLs) are planned in the fourth quarter. The 10-year DSL 2026 will be reopened twice, once in October and once in November. Traditionally, December is an auction-free month for DSLs. The fourth quarter has six auction dates for Dutch Treasury Certificates (DTCs). Following the unexpected strong improvement of the cash position, it has been decided that the March 2017 DTC-programme will not be issued. Further details are given in the Quarterly outlook.

DSL issuance calendar fourth quarter 2016

Month of issuance

Auction date

Details

Target volume (€ bn)

October

11

Reopening 0.50% DSL 15 July 2026

1.50 – 2.50

November

8

Reopening 0.50% DSL 15 July 2026

1.50 – 2.50

Note: Announcement of all auction details is on the Wednesday prior to the auction date (t-6).

DTC issuance calendar fourth quarter 2016

Auction date

Settlement date

3 months programme

6 months programme

3-10-2016

5-10-2016

30-12-2016

 

17-10-2016

19-10-2016

30-12-2016

 

7-11-2016

9-11-2016

31-1-2017

28-4-2017

21-11-2016

23-11-2016

31-1-2017

28-4-2017

5-12-2016

7-12-2016

28-2-2017

31-5-2017

12-12-2016

14-12-2016

28-2-2017

31-5-2017

Note: shaded fields indicate new programmes; announcement of all auction details is on the Wednesday prior to the auction date (t-5).