Quarterly Outlook and issuance calendar third quarter 2023
Today the Dutch State Treasury Agency publishes the Quarterly Outlook and the issuance calendars for the third quarter of 2023. An update is given on the funding need for 2023, which is € 13.3 billion lower than previously communicated. This brings the estimated funding need for 2023 to € 86.4 billion. The call on the capital market remains around € 50 billion in nominal terms.
Quarterly Outlook
Today the DSTA publishes its Quarterly Outlook with updates on the economic, budgetary and climate outlooks, funding need and the issuance calendars for the third quarter of 2023.
Funding need in 2023
At this moment, the DSTA expects a cash deficit for 2023 that is € 13.3 billion lower than previously communicated. This is due to lower energy prices as well as higher tax revenues, among other things. This brings the estimated funding need for 2023 to € 86.4 billion. Given the updated estimated borrowing requirement, the DSTA will lower its expected call on the money market, whilst maintaining the expected issuance on the capital market at around € 50 billion in nominal terms.
|
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** |
20.3* |
|
Total |
86.4 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
** The previous Quarterly Outlook included the separate item ‘indicative impact energy price measures and price adjustment for (semi)collective sector’. This is no longer relevant as this amount has now been taken into account in the Spring Budget Memorandum and the cash deficit number included above.
New 20-year Green Bond
As announced during the Outlook 2023, the DSTA will issue a new 20-year Green Bond in 2023. This will be done in the fourth quarter of 2023. On 8 September 2023, the DSTA will announce the exact issuance date.
DSL issuance calendar third quarter 2023
The recently launched DSL July 2033 will be reopened through a tap auction on 26 September 2023. The DSTA will use the two remaining auction moments in the third quarter to reopen existing DSLs. Which bonds will be reopened at these auctions will be announced on the Wednesday preceding the auction date at the latest.
|
Auction date |
Details |
Target volume (€ bn) |
|
11 July 2023 |
Tap of an existing DSL |
To be announced* |
|
12 September 2023 |
Tap of an existing DSL |
To be announced* |
|
26 September 2023 |
Reopening of DSL 15 July 2033 |
1.5 – 2.5 |
* Target volume and other details will be announced at a later stage, at the latest on Wednesday preceding the auction date.
DTC issuance calendar third quarter 2023
As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the third quarter of 2023 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme, except for the first two auction moments, where the second programme is optional. Auctions are held on the first and third Mondays of the month. Whether an additional programme will be auctioned in July will be announced ahead of the scheduled auctions.
|
Auction date |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
|
3 July 2023 |
5 July 2023 |
28 September 2023 |
To be determined* |
|
17 July 2023 |
19 July 2023 |
30 October 2023 |
To be determined* |
|
7 August 2023 |
9 August 2023 |
29 November 2023 |
30 January 2024 |
|
21 August 2023 |
23 August 2023 |
30 October 2023 |
30 January 2024 |
|
4 September 2023 |
6 September 2023 |
29 November 2023 |
28 February 2024 |
|
18 September 2023 |
20 September 2023 |
30 January 2024 |
28 February 2024 |
* Additional programme will be added to the auction based on the funding need.