Dutch State reopens the DSL 2052 and updates the borrowing requirement for 2021
On Tuesday 12 January 2021, the Dutch State Treasury Agency (DSTA) will reopen the ‘DSL 0.00% 15 January 2052’.
The characteristics of this bond are:
|
Maturity date |
15 January 2052 |
|
Coupon |
0.00% |
|
Issue date |
12 January 2021 |
|
Settlement date |
14 January 2021 |
|
Target amount |
€ 1 to € 2 billion |
|
Current outstanding amount |
€ 5,960,724,000 |
|
First issue of this bond |
22 September 2020 |
On the issue date at 10 a.m. (CET), the DSTA will announce the price at which Primary Dealers can buy the bond. The issuance will take the form of a tap auction, during which the DSTA may revise the price at any time. The price will be announced on the screens of MTS Netherlands and Bloomberg DSTA. Professional and private investors may participate in the auction through the Primary Dealers. The Primary Dealers and the borrowing conditions are available on the website. Primary Dealers have the right (under the usual conditions) to use the “non-comp” facility after the auction has been closed. Liquidity of the bond will be guaranteed through a repo facility available to the Primary Dealers.
Updated borrowing requirement for 2021
On 11 December 2020 the DSTA presented its Outlook 2021. At that time the borrowing requirement for 2021 was estimated at € 95.6 billion. Based on the figures at year-end 2020, the borrowing requirement for 2021 is now estimated at € 95.1 billion. The new estimate for 2021 is slightly lower due to a change in the cash position at the end of 2020 as a result of which the money market position at the end of 2020 was lower than previously anticipated.
As announced in the Outlook 2021, the DSTA expects to issue a nominal amount of around € 50 billion on the capital market in 2021.
|
Borrowing requirement 2021 |
(€ bn) |
|
Capital market redemptions 2021 |
16.5 |
|
Money market ultimo 2020 (excluding cash collateral) |
40.7 |
|
Cash deficit |
37.9 |
|
Total |
95.1 |