Quarterly Outlook and issuance calendar second quarter 2022; re-opening of Green DSL 2040 in June
Today the DSTA publishes the Quarterly Outlook with updates on the economic, budgetary and climate outlooks and the issuance calendar for the second quarter of 2022. According to the issuance calendar, the Green DSL 2040 will be re-opened in June for an amount of approximately EUR 5 billion.
Funding need
The funding need for 2022 remains estimated at € 73.3 billion. This estimate is currently surrounded by uncertainty caused by the rise of energy prices, the Russian invasion of Ukraine and the announcement of further budgetary details of the Dutch coalition agreement. The following update of the estimated funding need and the impact on the issuance plans of the DSTA will be provided as and when available.
Estimated funding need for 2022 |
Amount (in € billion) |
Capital market redemptions 2022 |
30.7 |
Money market ultimo 2021 |
19.3 |
Cash deficit 2022* |
23.3 |
Total |
73.3 |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.
DSL issuance calendar second quarter 2022
In the second quarter of 2022 four or five auctions of Dutch State Loans (DSLs) are scheduled. The potential fifth auction is dependent on the development of the funding need. If so, the auction will take place in June. In due course the DSTA will inform the market whether this auction window will be used.
The DSTA will start the second quarter with the reopening of the DSL 15 July 2032 on 12 April. On 10 May the DSL 15 January 2026 will be reopened. On 24 May an existing DSL will be reopened, which DSL will be decided upon in consultation with the Primary Dealers. In June the DSTA will reopen the green DSL 15 January 2040 by means of a Dutch Direct Auction (DDA) with the aim to raise a volume of around € 5 billion. The exact auction date will be decided upon in consultation with the Green Issuance Advisors.
Auction date |
Details |
Target volume (€ billion) |
12 April |
Reopening DSL 15 July 2032 |
1.5 – 2.5 |
10 May |
Reopening DSL 15 January 2026 |
2.0 – 3.0 |
24 May |
Tap of an existing DSL |
To be announced* |
1 or 2 auctions in June** |
The following bonds are scheduled to be auctioned in June 2022: |
|
Reopening 20-year green bond: DSL 15 January 2040 |
5.0 |
|
Optional: tap of an existing DSL |
To be announced* |
* Target volume and other details will be announced no later than the Wednesday prior to the auction date.
** The timing of the auction(s) will be decided upon in consultation with the Green Issuance Advisors. Whether there will be an additional auction in June is dependent on the development of the funding need.
Green DSL 2040 re-opening in June
For the reopening of the green DSL 15 January 2040 the DDA-method will be used. For this specific DDA a green investor rule will be applied. Green investors can receive a more beneficial treatment during allocation. Investors can register to be classified as a green investor. More information on the green investor rule will be published in due course together with the updated Green Bond Framework.
DTC issuance calendar second quarter 2022
The DSTA will regularly issue Dutch Treasury Certificates (DTC) on the money market. Auction dates typically contain both a shorter-dated programme and a longer-dated programme. Auctions are held on the first and third Monday of the month. In the weeks of Easter Monday and Whit Monday, the auctions are moved to Tuesday.
As a pilot the November DTC programme will not mature on the second to last business day of the month but on 23 November 2022. This way the maturity date of the November programme matches the settlement date of the (planned) DTC-auction on 21 November.
Auction date* |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
4 April |
6 April |
29 June 2022 |
28 October 2022 |
19 April** |
21 April |
30 August 2022 |
23 November 2022 |
2 May |
4 May |
28 July 2022 |
29 September 2022 |
16 May |
18 May |
30 August 2022 |
23 November 2022 |
7 June** |
9 June |
28 July 2022 |
28 October 2022 |
20 June |
22 June |
29 September 2022 |
30 January 2023 |
* Auction details will be announced on Wednesday prior to the auction.
** Auction date on Tuesday due to national public holiday.