The Dutch State launches the DSL 2026 and updates the borrowing requirement for 2022

On Tuesday 11 January 2022 the Dutch State Treasury Agency (DSTA) launches a new bond. The bond matures on 15 January 2026. Today the coupon for the new DSL has been set at 0.00%. The bond will be auctioned via the MTS platform which is also used for tap auctions.

The characteristics of this bond are:

Maturity date

15 January 2026


0.00% (short first coupon)

Target volume

€ 3.0 to 5.0 billion

Auction date

Tuesday 11 January 2022, starting at 10:00 CET

Settlement date

Thursday 13 January 2022

The DSTA has committed itself to realise an outstanding volume of approximately €12 billion within 18 months, through several re-openings. The liquidity of the bond is guaranteed by the repo facility available to the Primary Dealers (PDs).

On the auction 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.

Updated borrowing requirement for 2022

On Thursday 16 December 2021 the DSTA presented its Outlook 2022. At that time the borrowing requirement for 2022 was estimated at € 74.5 billion. Based on the figures at year-end 2021, the borrowing requirement for 2022 is now estimated at € 73.3 billion. The new estimate for 2022 is slightly lower than previously anticipated. This is caused by a change in the cash position at the end of 2021 as a result of which the money market position ultimo 2021 was lower. The estimated borrowing requirement is still surrounded by a high degree of uncertainty due to the development of the COVID-19 pandemic, the economic recovery and the budgetary impact of the plans of the new government.

As announced in the Outlook 2022, the DSTA expects to issue a nominal amount of around € 45 billion on the capital market in 2022.

Borrowing requirement 2022

(€ bn)

Capital market redemptions 2022


Money market ultimo 2021 (excluding cash collateral)


Cash deficit 2022*




*A cash deficit is shown as a positive number as it increases the total borrowing requirement