New 10-year benchmark bond and announcement reopening short off-the-run DSL

News item | 22-01-2020 | 13:00

The auction date, maturity date, reference bond and target volume are as follows:

Auction date	Tuesday 10 March 2020, start 10:00 CET
Maturity date	15 July 2030 (short first coupon)
Reference bond	DBR 0.00% 15 February 2030
Target volume	€ 4 - € 6 billion
Pricing	Aim to price on the auction day, but no later than 12:00 CET on 11 March 2020
Settlement date	Two days after the issuance price is set
Coupon	To be announced on Friday 6 March 2020
Initial spread guidance	To be announced on Monday 9 March 2020

In case of unforeseen conditions, the DSTA reserves the right to change the date of auction.

The auction will take place via a Dutch Direct Auction (DDA). Specific to the DDA is the direct placement of debt with end-investors. During the DDA, investors can place their bids via one or more Primary Dealers of their choice.

The book opens at 10:00 CET and closes at 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book. The pricing will occur at the earliest 30 minutes after allocation and no later than 12:00 CET on the following day. The DSTA aims to price on the auction day itself. More information on the DDA auction methodology can be found on english.dsta.nl.

The DSTA finalises the DSL issuance calendar for the remainder of the first quarter of 2020. On 11 February 2020, an off-the-run DSL with a maturity of 5-7 years and a target volume of € 1.0 bn to € 2.0 bn will be reopened. The exact bond will be announced after market consultation on 5 February 2020.

Auction date	Detail	Target volume (€ bn.)
11 February 2020	Reopening off-the-run DSL with 5-7 year maturity	1.0 – 2.0
10 March 2020	New 10-year: DSL 15 July 2030	4.0 – 6.0