2.00% coupon for new 30-year Dutch State Loan

Today the coupon for the new 30-year benchmark bond of the Dutch State has been set at 2.00%. The DSTA will launch the new bond on Tuesday 27 September 2022 via a Dutch Direct Auction (DDA). The bond matures on 15 January 2054.

The DSTA aims to raise € 3 to 5 billion in the DDA. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of
€ 10 billion within a few years after the initial issuance. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).

The characteristics of this bond are:

Maturity date

15 January 2054


2.00 % annually from 2023 (short first coupon)

Issuance size

€ 3 - 5 billion

Reference bond

DBR 0.00% 15 August 2052

Preliminary initial spread guidance      

To be announced on Monday 26 September 2022

Auction date

Tuesday 27 September 2022, starting at 10:00 CET

Total fees PDs

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

Specific to the DDA is the direct placement of the bond with end-investors. During the DDA, investors can place their bids via one or more PDs of their choice.

The book opens at 10:00 CET and closes 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book, but no later than 9:00 CET the following morning. The pricing will occur between 30 minutes after allocation and 12:00 CET the day after the DDA. The DSTA aims to determine the price on the auction day itself. Settlement takes place two days after pricing.

The DSTA reserves the right to postpone the DDA if circumstances would not allow for an orderly auction. Further information can be found in the investor presentation, which is available on the website (english.dsta.nl).