Quarterly outlook and issuance calendar fourth quarter 2017

News item | 22-09-2017 | 13:05

The Quarterly outlook provides information on the launch of a new 7-year bond. It also comes with an update of the funding requirement for 2017, presents the issuance calendar for the fourth quarter of 2017 and gives a first estimate of the funding requirement for 2018. Moreover, it discusses the latest economic and budgetary projections for the Netherlands and reveals the date on which the Outlook 2018 will be presented.

Two DSL auctions are planned for the fourth quarter. First, a Dutch Direct Aution (DDA) will be held on Wednesday 11 October 2017 to launch the DSL 2024. Second, on Tuesday 14 November the 10-year benchmark bond will be reopened a final time, through means of a tap auction, to reach an outstanding volume of at least € 15 billion.

DSL issuance calendar fourth quarter 2017

Auction date	Details	Target volume (€ bn)
11 October	DDA DSL 15 January 2024	5 – 7
14 November	Reopening DSL 0.75% 15 July 2027	2 – 3

The fourth quarter has six Dutch Treasury Certificates (DTC) auction dates. The calendar follows the usual pattern, that being the launch of a new 6-month DTC-programme on the first Monday of the month and a reopening of that same programme on the third Monday of the month together with the reopening of a 3-month programme. An exception is the second auction date in October. This does not include a 3-month line as it was decided last quarter to not issue a December 2017 DTC-line. Another exception is the last DTC-auction date in December, which is on the second instead of the third Monday of the month.

DTC issuance calendar fourth quarter 2017

Auction date	Settlement date	3-month programme	6-month programme
2 October	4 October		29 March 2018
16 October	18 October		29 March 2018
6 November	8 November		30 April 2018
20 November	22 November	31 January 2018	30 April 2018
4 December	6 December		31 May 2018
11 December	13 December	28 February 2018	31 May 2018