The Dutch State announces the auction date for new 10-year benchmark bond, reopens the DSL 0.25% July 2025 and updates the issuance calendar for the first quarter 2021

This press release contains the details of the auction date for a new 10-year DSL, the reopening of the DSL 0.25% July 2025 on 26 January 2021 and the updated issuance calendar for the first quarter of 2021 including the reopening of the green bond on 23 February 2021.

Auction of new 10-year benchmark bond on 9 February 2021
In its Outlook 2021, the Dutch State Treasury Agency (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 or March 2021.

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 9 February 2021, start 10:00 CET

Maturity date

15 July 2031

Reference bond

DBR 0.00% 15 February 2031

Target volume

€ 4 - € 6 billion


Aim to price on the auction date, but no later than 12:00 CET on 10 February 2021

Settlement date

Two days after the issuance price is set


To be announced on Friday 5 February 2021

Initial spread guidance

To be announced on Monday 8 February 2021

The DSTA expects this auction to take place via a Dutch Direct Auction (DDA). As always, the DSTA reserves the right to change the auction method or date of the auction should circumstances warrant this. 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.

This 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 date itself. More information on the DDA auction methodology can be found on

Reopening of DSL 0.25% July 2025 on 26 January 2021

On Tuesday 26 January 2021, the DSTA will reopen the ‘DSL 0.25% 15 July 2025’.

The characteristics of this bond are:

Maturity date

15 July 2025



Issue date

26 January 2021

Settlement date

28 January 2021

Target amount

€ 2.0 to € 3.0 billion

Current outstanding amount

€ 15,220,159,000

First issue of this bond

24 March 2015

On the issue date at 10 a.m. (CET), the DSTA will announce the price at which Primary Dealers can buy this bond. This 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 DSL-issuance calendar first quarter 2021

Furthermore, DSTA updated the issuance calendar for DSL issuances for the remainder of the first quarter of 2021. The updated calendar now includes the proposed auction dates for February and March 2021 including the reopening of the green bond on 23 February.

Auction Date


Target volume (in €bn)

26 January

Reopening DSL 15 July 2025

2.0 – 3.0

9 February

New 10-year bond: DSL 15 July 2031

4 – 6

23 February

Reopening 20-year Green bond: DSL 15 January 2040

1.5 – 2.5

9 March

Reopening 7-year bond: DSL 15 January 2027

1.5 – 2.5

23 March

Reopening of an existing DSL

To be announced

Note: remaining auction details will be announced in due course, at the latest on the Wednesday prior to the auction date (t-6).