The Dutch State announces the auction date for a new 10-year benchmark bond and updates the issuance calendar for the first quarter of 2023.
The Dutch State announces the auction date for a new 10-year benchmark bond and updates the issuance calendar for the first quarter of 2023.
Auction of new 10-year benchmark bond on 7 February 2023
In its Outlook 2023, the DSTA announced that it would issue a new 10-year benchmark bond. The DSTA indicated that the window for launching this bond would be February 2023.
Today the DSTA announces the characteristics for the issuance of this new 10-year benchmark bond. The auction date, maturity date, reference bond and target volume are as follows:
|
Auction date |
Tuesday 7 February 2023, start 10:00 CET |
|
Maturity date |
15 July 2033 |
|
Reference bond |
DBR 2.30% 15 February 2033 |
|
Target volume |
€ 4 - € 6 billion |
|
Pricing |
Aim to price on the auction date, but no later than 12:00 CET on 8 February 2023 |
|
Settlement date |
Two days after the issuance price is set |
|
Coupon |
To be announced on Friday 3 February 2023 |
|
Initial spread guidance |
To be announced on Monday 6 February 2023 |
The DSTA expects this auction to take place via a Dutch Direct Auction (DDA). As always, the DSTA reserves the right to change the auction method or date of the auction should circumstances warrant this. Specific to the DDA is the direct placement of debt with end-investors. During the DDA, investors can place their bids via one or more Primary Dealers.
On the issue date of the DDA, 7 February 2023, the book opens at 10:00 CET and closes at 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book. 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 price on the auction date itself. More information on the DDA auction methodology can be found on www.english.dsta.nl.
Updated DSL-issuance calendar first quarter 2023
In addition to the announcement of 7 February 2023 as the auction date of the new 10-year benchmark bond, the DSTA has further updated the issuance calendar for DSL issuances for the remainder of the first quarter of 2023. The tap auction also scheduled in February will take place on 28 February. The details of the DSL to be auctioned on that date will be announced at a later stage after consultation with Primary Dealers.
|
Auction Date |
Details |
Target volume |
|
7 February 2023 |
New 10-year bond: DSL 15 July 2033 |
4 – 6 |
|
28 February 2023 |
Reopening of an existing DSL |
To be announced |
|
14 March 2023 |
Reopening of an existing DSL |
To be announced |
|
28 March 2023 |
Reopening of an existing DSL |
To be announced |
Note: remaining auction details will be announced in due course, at the latest on the Wednesday prior to the auction date (t-6).