The Dutch State announces the auction date for a new 10-year benchmark bond, reopens the DSL 0.00% January 2052, updates the issuance calendar for the first quarter 2022 and gives an update on the re-opening of the green DSL 2040.

By way of this press release the Dutch State Treasury Agency (DSTA) provides an update on several upcoming auctions of Dutch State Loans (DSL), including the launch of a new 10-year benchmark bond and the green DSL 15 January 2040. The issuance calendar for the remainder of the first quarter of 2022 is also updated.

Auction of new 10-year benchmark bond on 15 February 2022
In its Outlook 2022, the 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 2022.

Today the DSTA announces the characteristics for the issuance of this new 10-year benchmark bond. The auction date, maturity date, reference bond and target volume are as follows:

Auction date

Tuesday 15 February 2022, start 10:00 CET

Maturity date

15 July 2032

Reference bond

DBR 0.00% 15 February 2032

Target volume

€ 4 - € 6 billion


Aim to price on the auction date, but no later than 12:00 CET on 16 February 2022

Settlement date

Two days after the issuance price is set


To be announced on Friday 11 February 2022

Initial spread guidance

To be announced on Monday 14 February 2022

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.

On the issue date of the DDA, 15 February 2022, 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

Reopening of DSL 0.00% January 2052 on 25 January 2022

On Tuesday 25 January 2022, the DSTA will reopen the ‘DSL 0.00% 15 January 2052’.

The characteristics of this bond are:

Maturity date

15 January 2052



Issue date

25 January 2022

Settlement date

27 January 2022

Target amount

€ 1 - € 2 billion

Current outstanding amount

€ 10,108,724,000

First issue of this bond

22 September 2020

On the issue date (25 January 2022) 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 2022

With the announcement of 15 February 2022 as the auction date of the new benchmark bond, the DSTA has updated the issuance calendar for DSL issuances for the remainder of the first quarter of 2022. The updated calendar now includes the proposed auction dates for February and March 2022. As can be seen in the updated calendar, one ‘to be determined’ DSL will be reopened and one previously announced auction of another ‘to be determined’ DSL will be postponed until later this year.

Auction Date


Target volume (in € bn)

25 January 2022

Reopening DSL 15 January 2052

1 – 2

15 February 2022

New 10-year bond: DSL 15 July 2032

4 – 6

8 March 2022

Reopening DSL 15 January 2029

1.5 – 2.5

22 March 2022

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).

Reopening green DSL January 2040

As announced in the Outlook 2022, the outstanding amount of the green DSL 15 January 2040 is expected to be increased for an amount of around € 5 billion in 2022. Today the DSTA announces that this reopening will take place by way of one auction. The exact auction date and further details will be announced at a later stage after consultation with the Green Issuance Advisors and the Primary Dealers.