Quarterly Outlook and issuance calendar third quarter 2022*
Today the DSTA publishes the Quarterly Outlook and the issuance calendar for the third quarter of 2021.
Quarterly Outlook and issuance calendar third quarter 2022
Today the Dutch State Treasury Agency publishes its Quarterly Outlook with updates on the economic, budgetary and climate outlooks, funding need and the issuance calendars for the third quarter of 2022.
Funding need in 2022
The Dutch State Treasury Agency has updated the funding need of the State of the Netherlands for 2022 in this Quarterly Outlook. The updated funding need is expected to be € 66.3 billion, representing a decrease of € 7.0 billion compared to the previous estimate. Consequently, the call on the capital markets is revised downwards from approximately € 45 billion to between € 40 and € 45 billion. The current economic situation is such that the estimated funding need still remains surrounded by a high degree of uncertainty.
|
Estimated funding need 2022 |
Amount (in € bn.) |
Difference compared to previous estimate (in € bn.) |
|
Capital market redemptions 2022 |
30.7 |
- |
|
Money market ultimo 2021 (excl. cash collateral) |
19.3 |
- |
|
Decrease in cash collateral (ultimo May) |
1.5 |
1.5 |
|
Buy back DSLs |
0.1 |
0.1 |
|
Cash deficit 2022 |
14.7 |
-8.6 |
|
Total |
66.3 |
-7.0 |
DSL issuance calendar third quarter 2022
Two auctions for Dutch State Loans (DSLs) are scheduled in the third quarter of 2022. The DSL 15 July 2032 will be reopened on 12 July. A new 30-year DSL will be launched in September via a Dutch Direct Auction (DDA). The exact date of the launch, the maturity date as well as the target volume of the new 30-year bond will be decided upon after consultation with the advisors. No DSL-auctions are scheduled between mid-July and the beginning of September.
|
Auction date |
Details |
Target volume (in € bn.) |
|
12 July |
Reopening DSL 15 July 2032 |
1.5 – 2.5 |
|
September* |
New 30-year DSL |
t.b.d. |
|
* The timing of the auction, the maturity date as well as the target volume of the new 30-year bond will be decided upon after consultation with the advisors. |
||
DTC issuance calendar third quarter 2022
The table below provides the scheduled Dutch Treasury Certificate (DTC) issuances for the third quarter of 2022. The schedule for the third quarter of 2022 follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme.
|
Auction date* |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
|
4 July |
6 July |
30 August 2022 |
28 October 2022 |
|
18 July |
20 July |
29 September 2022 |
23 November 2022 |
|
1 August |
3 August |
28 October 2022 |
30 January 2023 |
|
15 August |
17 August |
23 November 2022 |
27 February 2023** |
|
5 September |
7 September |
30 January 2023 |
30 March 2023** |
|
19 September |
21 September |
23 November 2022 |
27 February 2023 |
|
* Auction details will be announced on the Wednesday prior to the auction (t-5). |
|||
|
** New programme. |
|||
* In an earlier version, an incorrect amount was included for cash collateral on page 6.