Preliminary initial spread guidance for reopening 20-year Green Dutch State Loan set at +34 to +38 basis points

Tomorrow, 14 June 2022, the DSTA will reopen the 20-year green bond, the 0.50% Green DSL 15 January 2040, via a Dutch Direct Auction (DDA). The aim is to raise €4 to €5 billon. Today the preliminary initial spread guidance vis-à-vis the reference bond was set at +34 to +38 basis points.

The DSTA reserves the right to adjust the spread guidance before opening the book if circumstances change.

The spread guidance can also be adjusted during the auction. This will become final no later than 15:00 CET tomorrow.

The characteristics of this bond are:

Maturity date

15 January 2040


0.50% annually

Issuance size

€ 4 to 5 billion

Reference bond

DBR 4.75% 4 July 2040

Preliminary initial spread guidance      

+34 to +38 basis points

Auction date

Tuesday 14 June 2022, starting at 10:00 CET


As soon as possible after the closing of the book; no later than Wednesday 15 June 2022 at 09:00 CET.

Pricing Window

From 30 minutes after allocation; no later than Wednesday 15 June 2022 at 12:00 CET

Total fees
Primary Dealers

€ 17 million (incl. advisory fees) for 2 DDAs and the re-opening of the Green DSL 2040 in 2022

The target volume of the DDA is € 4 to 5 billion. The current outstanding amount of this bond is € 10,708,004,000. 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 of January 2022 as supplemented by the Green Bond rules of May 2022) 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>).