Quarterly Outlook and issuance calendar fourth quarter 2022
Today the DSTA publishes the Quarterly Outlook and the issuance calendars for the fourth quarter of 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 fourth quarter of 2022. In addition, this Quarterly Outlook includes a “save the date” for the DSTA’s annual Outlook event in December which will be held on Friday 16 December 2022.
Funding need in 2022
On 20 September 2022, the Dutch government presented the 2023 Budget Memorandum. Based on these new figures, 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 € 62.7 billion, representing a decrease of € 3.6 billion compared to the previous estimate. The call on the capital markets remains between € 40 to € 45 billion. An estimate of the funding need for 2023 will be provided in December in the Outlook 2023.
|
Estimated funding need 2022 |
Amount (€ bn.) |
|
Capital market redemptions 2022 |
30.7 |
|
Money market ultimo 2021 (excl. cash collateral) |
19.3 |
|
Decrease in cash collateral |
2.0 |
|
Buyback DSL |
0.1 |
|
Cash deficit 2022 |
10.6 |
|
Total |
62.7 |
DSL issuance calendar fourth quarter 2022
Two auctions for Dutch State Loans (DSLs) are scheduled in the fourth quarter of 2022. On 11 October, the DSL 15 January 2029 is scheduled to be reopened. The DSL 15 July 2032 will be tapped on 8 November. Both tap auctions will have a targeted volume of € 1.5 to 2.5 billion.
|
Auction date |
Details |
Target volume (€ bn.) |
|
11 October |
Reopening DSL 15 January 2029 |
1.5 to 2.5 |
|
8 November |
Reopening DSL 15 July 2032 |
1.5 to 2.5 |
DTC issuance calendar fourth quarter 2022
The Dutch Treasury Certificate (DTC) issuance calendar is similar to that in the previous quarters of 2022. As is customary, auction dates typically contain both a shorter-dated programme and a longer-dated programme. The table below provides the scheduled DTC issuances for the fourth quarter of 2022.
Auctions are held on the first and third Monday of each month. The only exception is the auction on 12 December 2022, which will be brought forward by one week due to the end of year period. The size of the programmes will be determined based on the funding need and, if necessary, after consultation with the Primary Dealers. Auction details will be announced on the Wednesday prior to the relevant auction. The DSTA remains committed to providing sufficient liquidity in all DTC-programmes.
|
Auction date* |
Settlement date |
Shorter-dated programme |
Longer-dated programme** |
|
3 October |
5 October |
30 January 2023 |
30 March 2023 |
|
17 October |
19 October |
27 February 2023 |
27 April 2023 |
|
7 November |
9 November |
30 January 2023 |
30 March 2023 |
|
21 November |
23 November |
27 February 2023 |
30 May 2023 |
|
5 December |
7 December |
30 March 2023 |
29 June 2023 |
|
12 December |
14 December |
27 February 2023 |
27 April 2023 |
* Auction details will be announced on Wednesday prior to the auction (t-5).
** Bolded fields indicate new programmes