Quarterly outlook and issuance calendar fourth quarter 2018

News item | 21-09-2018 | 13:00

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 fourth quarter, which are represented here below. Finally, this quarterly outlook contains a first estimate for the funding need in 2019.

Three DSL auctions are scheduled for the fourth quarter. The DSTA will issue longer-dated off-the-run DSLs on 9 October and again on 13 November for a total volume of at least € 1.1 bn. The maturity of these bonds will be announced on the Wednesday prior to the auction, after a consultation with the market. In addition, the 10-year bond will be reopened on 23 October to reach the committed outstanding volume of at least € 12 bn.

DSL issuance calendar fourth quarter 2018

Auction date	Details	Target volume (€ bn)
9 October	Reopening long-dated off-the-run DSL	0.5 – 1.0
23 October	Reopening 0.75% DSL 15 July 2028	1.5 – 2.5
13 November	Reopening long-dated off-the-run DSL	0.5 – 1.0

Note: Announcement of auction details, including the maturity of the long-dated off-the-run DSLs, is on the Wednesday prior to the auction date (t-6)

The fourth quarter has the regular six Dutch Treasury Certificate (DTC) auction dates on which 3- and 6-months programmes are issued. In line with previous years, the last DTC-auction in December will be held on the second instead of the regular third Monday of the month.

DTC issuance calendar fourth quarter 2018

Auction date	Settlement date	3-month programme	6-month programme
1 October	3 October		29 March 2019
15 October	17 October	31 January 2019	29 March 2019
5 November	7 November		30 April 2019
19 November	21 November		30 April 2019
3 December	5 December		31 May 2019
10 December	12 December	28 February 2019	31 May 2019

Note: Announcement of all auction details is on the Wednesday prior to the auction date (t-5).