Quarterly Outlook and issuance calendar second quarter 2023

News item | 24-03-2023 | 13:00

Quarterly Outlook

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 second quarter of 2023.

Funding need in 2023

The DSTA last updated its preliminary funding need on 4 January 2023 to an amount of € 99.7 billion. At this moment we expect a similar cash deficit for 2023, leaving the borrowing requirement unchanged. The DSTA is committed to communicating transparently with the market. An update of the estimated funding need will be provided as and when available.

Estimated borrowing requirement for 2023	Amount (in € bn.)
Capital market redemptions 2023	31.6
Net money market ultimo 2022 (excl. cash collateral)	34.5
Cash deficit 2023*	33.6
Consisting of:
Deficit based on 2023 Budget Memorandum	26.3
Indicative impact energy price measures and price adjustment for (semi)collective sector	7.3
Total	99.7

^{* A cash deficit is shown as a positive number because it increases the total borrowing requirement.}

DSL issuance calendar second quarter 2023

The DSTA will start the second quarter with the launch of a new 7-year DSL on 4 April 2023 with a targeted volume of € 3 billion to € 5 billion. The new DSL will be launched through the MTS platform. The recently launched DSL July 2033 will be re-opened through a tap auction on 13 June 2023. The DSTA will use the remaining auction moments in the second quarter to re-open three existing DSLs.

Auction date	Details	Target volume (in € bn.)
04 April 2023*	Launch of the new DSL 15 January 2030	3 - 5
18 April 2023*	Tap of an existing DSL	To be announced**
23 May 2023	Tap of an existing DSL	To be announced**
13 June 2023	Reopening of the DSL 15 July 2033	1.5 - 2.5
27 June 2023	Tap of an existing DSL	To be announced**

^{* For April, the DSL auctions will be on the first and third Tuesday of the month.}

^{** Target volume and other details will be announced at a later stage, at the latest on Wednesday preceding the auction date.}

DTC issuance calendar second quarter 2023

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the second quarter of 2023 follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. Auctions are held on the first and third Monday of the month. An exception to this is the first DTC auction in May. Due to Labour Day, that week’s DTC auction will be held on Tuesday 2 May 2023.

Auction date	Settlement date	Shorter-dated programme	Longer-dated programme
03 April 2023	05 April 2023	28 July 2023	28 September 2023
17 April 2023	19 April 2023	29 June 2023	28 September 2023
02 May 2023*	04 May 2023	28 July 2023	30 October 2023
15 May 2023	17 May 2023	30 August 2023	30 October 2023
05 June 2023	07 June 2023	28 September 2023	29 November 2023
19 June 2023	21 June 2023	30 August 2032	29 November 2023

^{*Auction on Tuesday due to Labour Day.}