Publication of Outlook 2020, issuance calendar first quarter 2020 and DDA advisors

Today, the DSTA presented its Outlook 2020. A key feature of this Outlook is the funding plan for next year.

Currently, the funding need for 2020 is estimated at € 42.0 bn. The estimated funding need consists of capital market redemptions, the expected outstanding volume of the money market at the end of 2019 and the expected cash balance for 2020.

Borrowing requirement in 2020 (€ bn)

Capital market redemptions in 2020


Outstanding money market instruments ultimo 2019


Expected cash balance 2020 (-=surplus)




To ensure liquidity across the curve, DSTA has sought to balance the call on the capital market and the money market in 2020. The DSTA commits to issuing DSLs on the capital market within a range of € 21-26 bn. The size of the money market at year-end is intended to be around € 16-18 bn. As is regular practice, if the funding need turns out significantly lower (higher) than has now been estimated, the actual size of the money market at year-end could end up below or above this range. Regardless of the ultimate funding need, the DSTA intends to maintain a DTC-programme with a minimum size of around € 16 bn. The DSTA has the possibility to put excess cash reserves on a deposit with the central bank.

Funding 2020 (€ bn)

Capital market issuances (DSLs)


Money market ultimo 2019




To fulfil its planned call on the capital market, the DSTA will issue a new 10-year DSL - the DSL 15 July 2030 - for approximately € 12 bn. This 10-year DSL will be issued by means of a Dutch Direct Auction (DDA). The DSTA will also issue a minimum of approximately € 2 bn through at least two tap auctions in the Green bond, that was launched on 21 May 2019 with an initial issuance size of € 6.0 bn. Thirdly, the DSTA will issue a new DSL in the 30-year segment. The DSTA is committed to issuing a minimum of approximately € 4 bn in 2020 in this new 30-year DSL. This will be done by means of the DDA and possibly one tap auction. The exact maturity date of the bond and the issuance date will be decided upon in close consultation with Primary Dealers. Within a few years after the initial issuance, the outstanding volume will be increased to a benchmark size of approximately € 10 bn, as is regular practice for longer-dated DSLs. Finally, a substantial part of the call on the capital market, € 3-8 bn, is still undetermined. This offers the DSTA more flexibility in order to be able to better respond to market demand and to promote liquidity across the curve. The DSTA has the option to re-open off-the-run DSLs in all maturity buckets, irrespective of the already existing outstanding volumes. Moreover, the DSTA could decide to issue more than the indicated volumes in the on-the-run 10 year DSL, the Green bond or the new 30-year DSL.

DSL issuance

Indicative amounts

New 10-year DSL (DSL 15 July 2030)


Reopening 20-year Green bond (15 January 2040)


New 30-year DSL


To be determined


Total DSL funding


As usual, the borrowing requirement and the funding plan will be updated throughout the year when new information becomes available. In the beginning of January the first update will be published. More information is available in the Outlook 2020.

Issuance calendar first quarter 2020

Today the DSTA also published the DSL and Dutch Treasury Certificates (DTC) issuance calendars for the first quarter of 2020. The first quarter will start with the reopening of the DSTA’s Green DSL 15 January 2040 for a target volume of € 0.75 bn to € 1.25 bn. The new 10-year DSL will be launched by means of a DDA in February or March. The exact timing, target volume and further details of the DDA will be announced in due course. Depending on the timing of the launch of the 10-year DSL, the DSTA might hold a tap auction for the reopening of an off-the-run DSL. More details on whether and when this off-the-run tap auction will be held, will be provided at a later stage after consultation with Primary Dealers.

Auction date


Target volume (€ bn)

14 January

Reopening Green bond: DSL 15 January 2040



New 10-year bond: DSL 15 July 2030

To be announced


Possibly: Reopening of an off-the-run DSL

*Auction date, target volume and other details will be announced at a later stage.

** Depending on the timing of the launch of the 10-year DSL. Such a possible tap auction DSL will be announced on the Wednesday prior to the auction date (t-6).

The DTC calendar for 2020 follows the same pattern as in previous years. On the first Monday of the month a new longer dated DTC-programme will be issued. This will be tapped again on the third Monday of the month, together with a shorter-dated existing line. To better meet investor demand at month end, the DSTA has decided to let new programmes mature not on the last business day of the month, but on the second to last business day.

Auction date

Settlement date

Shorter-dated programme

Longer-dated programme

6 January

8 January

29 June 2020

20 January

22 January

31 March 2020

29 June 2020

3 February

5 February

30 July 2020

17 February

19 February

30 April 2020

30 July 2020

2 March

4 March

28 August 2020

16 March

18 March

29 May 2020

28 August 2020

Note: shaded fields indicate new programmes; announcement of all auction details is at the Wednesday prior to the auction (t-5).

Advisors for upcoming DDAs

The DSTA has appointed Jefferies, Nordea and Rabobank as its advisors for the DDA of the new 10-year bond. ABN AMRO Bank, Citigroup and Nomura are appointed as advisors for the DDA of the new 30-year bond. The advisors of the DDAs are primarily selected based on their Primary Dealer ranking of 2019.