Quarterly outlook and issuance calendar third quarter 2018
Today the DSTA published the Quarterly outlook and the issuance calendar for the third quarter of 2018.
The Quarterly outlook presents the latest developments concerning the Dutch economy, the government budget and funding of the State debt. It also includes the DSL and DTC issuance calendars for the third quarter, as presented below.
In the third quarter three tap auctions are planned for Dutch State Loans (DSLs). The quarter will start with the reopening of the DSL 2028 on 10 July. No DSLs will be issued in August. Instead September will see the issuance of two DSLs. A long-dated off-the-run (OTR) DSL will be tapped on 11 September. The exact maturity to be tapped will be announced on 5 September – the Wednesday prior to the auction – after consultation with market participants. The DSL 2024 will be reopened one final time on 25 September to reach the committed issuance volume of € 15 bn.
The OTR issuance has been chosen to live up to DSTA’s commitment to issue € 2-5 bn on the long end of the curve this year, as announced in the annual Outlook 2018. The launch of a new long-dated DSL is not foreseen for 2018, but is likely s for 2019.
DSL issuance calendar third quarter 2018
|
Auction date |
Details |
Target volume (€ bn) |
|
10 July |
Reopening 0.75% DSL 15 July 2028 |
1.5 – 2.5 |
|
11 September |
Reopening long-dated OTR DSL* |
0.75 – 1.25 |
|
25 September |
Reopening 0% DSL 15 January 2024 |
1.5 – 2.5 |
* Maturity will be announced in due time.
Note: Announcement of auction details is on the Wednesday prior to the auction date (t-6)
The third quarter has the regular six DTC auction dates. Following the strategy in 2017, the DSTA will not launch a December DTC-programme, which makes it possible to concentrate issuance in the remaining programmes. The quarter will start with the issuance of the January 2019 DTC-programme, making this effectively a 7-month programme.
DTC issuance calendar third quarter 2018
|
Auction date |
Settlement date |
3-month programme |
6-month programme |
|
2 July |
4 July |
31 January 2019 |
|
|
16 July |
18 July |
30 September |
|
|
6 August |
8 August |
31 January 2019 |
|
|
20 August |
22 August |
31 October 2018 |
|
|
3 September |
5 September |
28 February 2019 |
|
|
17 September |
19 September |
30 November 2018 |
28 February 2019 |
Note: Shaded fields indicate new programmes; announcement of all auction details is on the Wednesday prior to the auction date (t-5).