New 7-year DSL: announcement auction date, maturity date, reference bond and target volume

In the Outlook 2017 the DSTA announced that it will issue a new 7-year bond. In the Quarterly outlook for Q3 the DSTA indicated that this bond will be launched in September or October 2017.

Today the DSTA announces the characteristics for the issuance of a new 7-year bond. The auction date, maturity date, reference bond and target volume are as follows: 

Auction date

Wednesday 11 October 2017, start 10:00 CET

Maturity date

15 January 2024 (short first coupon)

Reference bond

DBR 1.75% 15 February 2024

Target volume

€ 5 - € 7 billion


Preferably on the auction day itself,
but at the latest on 12 October, 12:00 CET

Settlement date

Two days after pricing


To be announced Monday 9 October 2017

Initial spread guidance

To be announced Tuesday 10 October 2017

In case of unforeseen market conditions, the DSTA reserves the right to postpone the auction. 

The auction will take place via a Dutch Direct Auction (DDA). 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 process can be found on the website