Dutch State reopens DSL 2024 and updates borrowing requirement for 2018

On Tuesday 9 January 2018, the Dutch State Treasury Agency will reopen the ‘DSL 0% 15 January 2024’.

The characteristics if this bond are:

Maturity date

15 January 2024



Issue date

9 January 2018

Settlement date

11 January 2018

Target amount

€ 1.50 to € 2.50 billion

Current outstanding amount

€ 6.572.277.000

First issue of this bond

11 October 2017

On the issue date at 10 a.m. (CET), the DSTA will announce the price at which Primary Dealers can buy the issue. The issuance will take the form of a tap auction, during which the DSTA may revise the price at any time. The price will be announced on the screens of MTS Netherlands and Bloomberg DSTA. Professional and private investors may participate in the auction through the Primary Dealers. The list of Primary Dealers and the borrowing requirements are available on the website. Primary Dealers have the right (under the usual conditions) to use the “non-comp” facility after the auction has been closed. Liquidity of the bond will be guaranteed through a repo facility available to the Primary Dealers.

Updated borrowing requirement for 2018

On 15 December 2017 the DSTA presented its Outlook 2018, including the funding plan for 2018. At that time the preliminary borrowing requirement for 2018 was estimated at € 53.5 billion. Based on the figures at year-end 2017, the borrowing requirement for 2018 is now estimated at € 50.5 billion. This lower than expected funding need is due to improvements in the cash position at the end of 2017, as a result of which the money market volume at the end of 2017 is lower than anticipated before.

As announced in the Outlook 2018, € 23 to € 29 billion of the total borrowing requirement for 2018 will be covered by DSL issuances on the capital market. The remaining borrowing requirement will be funded on the money market.

Borrowing requirement 2018

(€ bn.)

Capital market redemptions 2018


Money market ultimo 2017 (excl. cash collateral)


Cash surplus 2018




Call on capital market and money market 2018

(€ bn.)

Capital market issuance (DSLs)


Money market ultimo 2018 (excl. cash collateral)