Quarterly outlook and issuance calendar fourth quarter 2019
Today the DSTA published the Quarterly outlook and the issuance calendar for the fourth quarter of 2019.
The Quarterly outlook presents the latest developments concerning the Dutch economy, the public budget and the financing of the State debt. Furthermore, it includes the DSL and DTC issuance calendars for the fourth quarter, which are also represented below. Finally, this Quarterly outlook contains a first estimate of the funding need in 2020.
Two DSL auctions are scheduled for the fourth quarter. The first is an off-the-run tap and the second is a tap of the 0.25% 15 July 2029, issued earlier this year. The off-the-run DSL that will be reopened will be in a longer-dated maturity (>10 years).
DSL issuance calendar fourth quarter 2019
Auction date |
DSL to be issued |
Target volume (€ bn) |
8 October |
Reopening longer-dated off-the-run DSL |
1 – 2 |
12 November |
Reopening DSL 0.25% 15 July 2029 |
1 – 2 |
Note: announcement of the tap auction details, including the exact maturity of the off-the-run DSL, is on the Wednesday prior to the auction date (t-6).
The fourth quarter has six DTC auction dates and follows the usual pattern. An exception is the January programme, which will be reopened already in October rather than in November due to the fact that – in line with market demand – no December programme has been launched in the third quarter.
DTC issuance calendar fourth quarter 2019
Auction date |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
7 October |
9 October |
31 March 2020 |
|
21 October |
23 October |
31 January 2020 |
31 March 2020 |
4 November |
6 November |
30 April 2020 |
|
18 November |
20 November |
30 April 2020 |
|
2 December |
4 December |
29 May 2020 |
|
9 December |
11 December |
28 February 2020 |
29 May 2020 |
Note: announcement of all auction details is on the Wednesday prior to the auction date (t-5).