Quarterly Outlook and issuance calendar fourth quarter 2023
Today the Dutch State Treasury Agency publishes the Quarterly Outlook and the issuance calendars for the fourth quarter of 2023. The funding need for 2023 is estimated to be €74.9 billion. The DSTA expects a call on the capital market of at least €46 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 fourth quarter of 2023.
Funding need in 2023
On 19 September 2023, the Dutch government presented the 2024 Budget Memorandum. Based on these new figures, the DSTA expects a cash deficit for 2023 that is €11.5 billion lower than previously communicated, causing a decrease in the funding need to €74.9 billion. The change in the cash deficit is caused by many factors. Examples of these are variations in tax income and social security contributions, lower than expected spending on the energy price cap and underspending (i.e. the government being unable to carry out all planned expenditures). The call on the capital market is lowered by approximately €5 billion to at least €46 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* |
8.8 |
Total |
74.9 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement
DSL issuance calendar fourth quarter 2023; new 20-year Green Bond will be issued on 17 October 2023
As recently announced, the new Green DSL 15 January 2044 will be issued on 17 October 2023 and has a target volume of €4 to 5 billion. Later in October, the DSTA will reopen the DSL 15 July 2033 which was issued earlier this year. One remaining auction moment in November remains optional. At least six days prior to the proposed auction moment, the DSTA will announce whether this auction will be held and which DSL will be issued. The DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar.
Auction date |
Details |
Target volume (€ bn) |
17 October 2023 |
New 20-year Green DDA |
4-5 |
24 October 2023 |
Reopening of the DSL 15 July 2033 |
To be announced* |
14 November 2023 |
Optional: Tap of an existing DSL |
To be announced* |
* Target volume and other details will be announced at a later stage, at the latest on Wednesday preceding the auction date (t-6)
DTC issuance calendar fourth quarter 2023
As usual, the DSTA will have regular money market issuances through its DTC programmes. Auctions are held on the first and third Mondays of the month. One exception is the second DTC auction in December, where the auction date is one week earlier due to the end-of-year period. Auction details will be announced on the Wednesday prior to the relevant auction. The DSTA reserves the right to add a DTC programme or, alternatively, alter or remove it from the issuance calendar.
Auction date* |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
2 October 2023 |
4 October 2023 |
29 November 2023 |
27 March 2024 |
16 October 2023 |
18 October 2023 |
30 January 2024 |
27 March 2024 |
6 November 2023 |
8 November 2023 |
28 February 2024 |
29 April 2024 |
20 November 2023 |
22 November 2023 |
30 January 2024 |
29 April 2024 |
4 December 2023 |
6 December 2023 |
28 February 2024 |
30 May 2024 |
11 December 2023 |
13 December 2023 |
27 March 2024 |
30 May 2024 |
* Auction details will be announced on Wednesday prior to the auction (t-5)