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

In its Outlook 2020, the DSTA announced that it would issue a new 10-year benchmark bond. The DSTA indicated that the window for launching this bond would be February/March 2020.

Today the DSTA announces the characteristics for the issuance of this bond.

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


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


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

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


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