Preliminary initial spread guidance for new 15-year Dutch State Loan set at +15 to +18 basis points

Tomorrow, 13 April 2021, the DSTA will launch its new 15-year bond, the 0.00% DSL 15 January 2038, via Dutch Direct Auction (DDA).

Today the preliminary initial spread guidance vis-à-vis the reference bond was set at +15 to +18 basis points. The DSTA reserves the right to adjust the spread guidance before opening of the book if circumstances give rise thereto.

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

The characteristics of this bond are:

Maturity date

15 January 2038


0.00% annually from 2022 (short first coupon)

Issuance size

€ 4 - 6 billion

Reference bond

DBR 0.00% 15 May 2036

Preliminary initial spread guidance      

+15 to +18 basis points

Auction date

Tuesday 13 April 2021, starting at 10:00 CET


As soon as possible after the closing of the book; no later than Wednesday 14 April 2021 at 09:00 CET.

Pricing Window

From 30 minutes after allocation; no later than Wednesday 14 April 2021 at 12:00 CET

Total fees
Primary Dealers

€ 11 million (excl. advisory fees) for 2 DDAs in 2021

The target volume of the DDA is € 4 to 6 billion. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of €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 following day. Allocation is strictly based on pre-announced rules (the DDA rules) in order to ensure a fair and fully transparent auction. The DDA is a uniform price auction. 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 determine the price on the auction date itself. Settlement takes place 2 days after pricing.

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