Quarterly outlook and issuance calendar second quarter 2017

News item | 24-03-2017 | 13:00

In the Quarterly outlook the latest developments concerning the economy, the budget and the funding need are described. The DSL and DTC issuance calendars, also included in the Quarterly outlook, are represented below.

In the second quarter, four tap auctions are planned for Dutch State Loans (DSLs). The quarter will start with the reopening of the off-the-run DSL 2033 on 11 April. The new 10-year benchmark DSL will be reopened on 25 April and again on 13 June. On 9 May the 5-year benchmark DSL will be reopened a final time to reach an outstanding amount of € 15 bn. Target amounts for these auctions are shown in the table below.

Indicative DSL issuance calendar second quarter 2017

Month	Date	Details	Target volume (€ bn)
April	11	Reopening DSL 15 January 2033	0.75 – 1.25
April	25	Reopening DSL 15 July 2027	2 – 3
May	9	Reopening DSL 15 January 2022	2 – 3
June	13	Reopening DSL 15 July 2027	2 – 3

Note: Announcement of all auction details is on the Wednesday prior to the auction date.

The second quarter has six auction dates for Dutch Treasury Certificates (DTCs). Due to a number of (TARGET) holidays several DTC auctions will be held on a Tuesday rather than the regular Monday. The DSTA uses the first auction date of the month to tap a 6-months programme and the second to tap both a 3-months and a 6-months programme.

Indicative DTC issuance calendar second quarter 2017

Auction date	Settlement date	3-months programme	6-months programme
3-4-2017	5-4-2017		29-9-2017
18-4-2017*	20-4-2017	30-6-2017	29-9-2017
2-5-2017*	4-5-2017		31-10-2017
15-5-2017	17-5-2017	31-7-2017	31-10-2017
6-6-2017*	8-6-2017		30-11-2017
19-6-2017	21-6-2017	31-8-2017	30-11-2017

*Tuesday instead of regular Monday due to (TARGET) holidays.

Note: Shaded fields indicate new programmes; announcement of all auction details is on the Wednesday prior to the auction date.