0% coupon for new 7-year Dutch State Loan

Today, the coupon for the new 7-year bond of the Dutch State was set at 0%. The DSTA will launch the new bond on Wednesday 11 October via a Dutch Direct Auction (DDA). The bond matures on 15 January 2024.

The DSTA aims to raise € 5 to € 7 billion in the DDA. Through subsequent re-openings the outstanding amount of the bond will be increased to at least € 15 billion within 12 months after the DDA. Liquidity will be guaranteed through a repo facility available to the Primary Dealers.

The terms and conditions of the bond are:

Maturity date

15 January 2024


0% annually

Issuance size

€ 5 - € 7 billion

Reference bond

DBR 1.75% 15 February 2024

Initial spread guidance      

To be announced on Tuesday 10 October 2017

Auction date

Wednesday 11 October 2017, starting at 10:00 CEST

Specific to the DDA is the direct placement of the 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 CEST and closes latest at 17:00 CEST. The allocation will be announced as soon as possible after the closing of the book, but no later than 9:00 CEST the following day. The pricing will occur between half an hour after allocation and 12:00 CEST the following day. The DSTA aims to determine the price on the auction day itself. Settlement takes place two days after pricing.

The DSTA reserves the right to postpone the DDA if market circumstances would not allow for an orderly auction.

Further information can be found in the DDA investor presentation and the DDA rules, which are available on the DSTA website (https://english.dsta.nl/subjects/d/dutch-direct-auction-dda).