Dutch state announces the launch of a new 15-year DSL and publishes the issuance calendar for the second quarter of 2021

News item | 19-03-2021 | 08:53

Launch of new benchmark bond in 15-year maturity segment on 13 April 2021
In the Outlook 2021 it was announced that the Dutch State Treasury Agency (DSTA) would issue a new 15-year benchmark bond in 2021. Today, the DSTA announces the auction date and characteristics of this bond. The bond will be launched on 13 April 2021. The further details of the proposed bond are as follows:

Auction date	Tuesday 13 April 2021, start 10:00 CET
Maturity date	15 January 2038
Reference bond	DBR 0.00% 15 May 2036
Target volume	€ 4 - € 6 billion
Pricing	Aim to price on the auction date, but no later than 12:00 CET on 14 April 2021
Settlement date	Two days after the issuance price is set
Coupon	To be announced on Friday 9 April 2021
Initial spread guidance	To be announced on Monday 12 April 2021

The DSTA will launch the bond 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 date itself. More information on the DDA auction methodology can be found on https://english.dsta.nl/subjects/dutch-direct-auction-dda.

Issuance calendar and quarterly outlook second quarter of 2021

Prior to the start of each quarter, the DSTA publishes its Quarterly outlook which includes an economic and budgetary outlook, the quarterly issuance calendar and, to the extent required, an update of the funding need. This outlook is based on the economic projections as published by the independent Netherlands Bureau for Economic Policy Analysis (Centraal Planbureau, CPB). This year the projections of the CPB are published on Wednesday 31 March, which is slightly later than in previous years. The DSTA therefore decided to publish the issuance calendar for the upcoming quarter today and a regular more detailed Quarterly outlook will follow on 6 April.

DSL issuance calendar second quarter 2021

Six auctions for Dutch State Loans (DSLs) are scheduled in the second quarter. The new 15-year DSL will be launched on 13 April. The DSL 2031, which was launched earlier this year, will be reopened twice. In addition, three other existing DSLs will be reopened. The DSLs to be reopened will be decided upon in consultation with the Primary Dealers. 

DSL auctions traditionally take place on the second and fourth Tuesday of the month. Due to a national public holiday on Tuesday 27 April, the proposed auction will take place the next day on Wednesday 28 April 2021.

In case of unforeseen changes, the DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar. Any such change is announced in a timely manner through a press release.

Auction Date*	Details	Target volume (€ bn)
13 April	DDA DSL 15 January 2038	4.0 – 6.0
28 April**	Reopening of existing DSL	To be determined
11 May	Reopening DSL 0.00% 15 July 2031	1.5 – 2.5
25 May	Reopening of existing DSL	To be determined
8 June	Reopening DSL 0.00% 15 July 2031	1.5 – 2.5
22 June	Reopening of existing DSL	To be determined

* Further details on the auction, including where applicable maturity and target volume, will be announced at the latest on the Wednesday prior to the auction date (t-6).

** Auction date on Wednesday due to a national public holiday on Tuesday.

DTC issuance calendar fourth quarter 2021

The table below provides the scheduled Dutch Treasury Certificate (DTC) issuances for the second quarter of 2021. Regular 3- and 6-month programmes will be auctioned following the same auction pattern as the first quarter of this year. This calendar includes six DTC-auctions. The size of the programmes will be determined based on the funding need and in case necessary after consultation with the Primary Dealers and the Special Market Specialists. Auction details will be announced on the Wednesday prior to the relevant auction. The DSTA remains committed to providing sufficient liquidity in all DTC-programmes.

Traditionally, auctions are held on the first and third Monday of each month. Due to Easter Monday, the relevant DTC auction is moved to the following day, Tuesday 6 April.

In case of unforeseen changes, the DSTA reserves the right to add a DTC-program or, alternatively, alter or remove it from the issuance calendar. Any such change will be announced in a timely manner through a press release.

DTC issuance calendar fourth quarter 2021

Auction date*	Settlement date	Shorter-dated programme	Longer-dated programme**
6 April***	8 April	29-7-2021	29-9-2021**
19 April	21 April	29-7-2021	29-9-2021
3 May	5 May	30-8-2021	28-10-2021**
17 May	19 May	30-8-2021	28-10-2021
7 June	9 June	29-9-2021	29-11-2021**
21 June	23 June	29-9-2021	29-11-2021

* Auction details will be announced on Wednesday prior to the auction (t-5).

** New programmes.

*** Auction date on Tuesday due to Easter Monday.