Preliminary initial spread guidance for new 10-year Dutch State Loan +15.5 to +18.5 basis points

Tomorrow, 13 March 2018, the DSTA will launch its new 10-year bond, the 0.75% DSL 15 July 2028, via Dutch Direct Auction (DDA). Today, the preliminary initial spread guidance vis-à-vis the reference bond was set at +15.5 to +18.5 basis points.

The DSTA reserves the right to adjust the spread guidance before opening the book if circumstances change. During the auction the spread guidance may also be adjusted. The spread guidance will become final no later than 15:00 CET tomorrow.

The terms and conditions of this bond are:

Maturity date

15 July 2028


0.75% annually from 2018 (short first coupon)

Issuance size

€ 4 - 6 billion

Reference bond

DBR 0.50% 15 February 2028

Initial spread guidance

+15.5 to +18.5 basis points

Auction date

Tuesday 13 March 2018, starting at 10:00 CET


As soon as possible after the closing of the book; no later than Wednesday 14 March 2018 at 09:00 CET.

Pricing Window

From 30 minutes after allocation; no later than Wednesday 14 March 2018 at 12:00 CET

Total fees
Primary Dealers

€ 6.5 million (incl. advisory fees)

The target volume of the DDA is € 4 to 6 billion. Through subsequent reopenings, the amount outstanding of the DSL will be increased to at least € 12 billion before the end of 2018. Liquidity in this bond will be guaranteed through a repo facility available to the Primary Dealers.

The book will open tomorrow at 10:00 CET and closes at 17:00 CET at the latest. The allocation and the cut off-spread will be announced as soon as possible after the closing of the book, and no later than 09:00 CET on the day following the auction. Allocation is strictly based on pre-announced rules in order to ensure a fair and fully transparent auction. The DDA is a uniform price auction. The pricing will occur at least half an hour after allocation but no later than 12:00 CET on the day after the DDA. The DSTA aims to determine the price on the auction day itself. Settlement takes place two days after pricing.

The DDA rules are available on this website and on Bloomberg (DDA <GO>).