Preliminary initial spread guidance for new 30-year Dutch State Loan +7 to +11 basis points

Tomorrow, 22 September 2020, the DSTA will launch its new 30-year bond, the 0.00% DSL 15 January 2052, via Dutch Direct Auction (DDA).

Today, the preliminary initial spread guidance vis-à-vis the reference bond was set at +7 to +11 basis points. The DSTA reserves the right to adjust the spread guidance before opening the book if circumstances change.

During the auction the spread guidance may also be adjusted. The spread guidance will become final no later than 15:00 CET tomorrow.

The terms and conditions of this bond are:

Maturity date

15 January 2052


0.00% annually from 2020 (short first coupon)

Issuance size

€ 4 - 6 billion

Reference bond

DBR 0.00% 15 August 2050

Preliminary initial spread guidance      

To be announced on Monday 21 September 2020

Auction date

Tuesday 22 September 2020, starting at 10:00 CET


As soon as possible after the closing of the book; no later than Wednesday 23 September 2020 at 09:00 CET.

Pricing Window

From 30 minutes after allocation; no later than Wednesday 23 September 2020 at 12:00 CET

Total fees
Primary Dealers

€ 13 million (incl. advisory fees) for 2 DDAs in 2020

The target volume of the DDA is € 4 to 6 billion. Through subsequent re-openings the outstanding amount of the DSL will be increased to size of around €10 billion. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).

The book will open tomorrow at 10:00 CET and closes at 17:00 CET at the latest. The allocation and the cut off-spread will be announced as soon as possible after the closing of the book, and no later than 09:00 CET on the day following the auction. Allocation is strictly based on pre-announced rules in order to ensure a fair and fully transparent auction. The DDA is a uniform price auction. The pricing will occur at least half an hour after allocation but no later than 12:00 CET on the day after the DDA. The DSTA aims to determine the price on the auction day itself. Settlement takes place two days after pricing.

The DDA rules are available on this website and on Bloomberg (DDA <GO>).