The Dutch State announces the auction date for a new 10-year benchmark bond, reopens the DSL 0.00% 15 January 2038 on 23 January 2024 and updates the issuance calendar for the first quarter of 2024

News item | 17-01-2024 | 13:00

Auction of new 10-year benchmark bond on 6 February 2024

In its Outlook 2024, 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 or March 2024.

Today the DSTA announces the details 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 6 February 2024, start 10:00 CET
Maturity date	15 July 2034
Reference bond	DBR 2.20% 15 February 2034
Target volume	€ 4 - € 6 billion
Pricing	Aim to price on the auction date, but no later than 12:00 CET on 7 February 2024
Settlement date	Two days after the issuance price is set
Coupon	To be announced on Friday 2 February 2024
Initial spread guidance	To be announced on Monday 5 February 2024

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, 6 February 2024, 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 and the current DDA rules can be found on www.english.dsta.nl.

Reopening of DSL 0.00% January 2038 on 23 January 2024

On Tuesday 23 January 2024, the DSTA will reopen the ‘DSL 0.00% 15 January 2038’.

The characteristics of this bond are:

Maturity date	15 January 2038
Coupon	0.00%
Issue date	23 January 2024
Settlement date	25 January 2024
Target amount	€ 1.5 to € 2.0 billion
Current outstanding amount	€ 10,477,052,000
First issue of this bond	13 April 2021

On the issue date at 10 am (CET), the DSTA will announce the price at which Primary Dealers can buy the bond. The issuance will take the form of a tap auction, during which the DSTA may revise the price at any time. The price will be announced on the screens of MTS Netherlands and Bloomberg DSTA. Prior to the auction, at 9.15 am (CET), each Primary Dealer will be offered the possibility to take up 3% of the maximum targeted range against the average price set during the auction. The Primary Dealers can accept this offer via Bloomberg chat until 9.20 am (CET). If a Primary Dealer makes use of this possibility, the transaction is binding after 9.20 am (CET), and the nominal amount so pre-allocated will be taken into account in the total volume issued at the auction.

Professional and private investors may participate in the auction through the Primary Dealers. The Primary Dealers and the borrowing conditions are available on the website. Primary Dealers have the right (under the applicable Primary Dealer conditions) to use the “non-comp” facility after the auction has been closed. Liquidity of the bond will be guaranteed through a repo facility available to the Primary Dealers.

Updated DSL-issuance calendar first quarter 2024

In addition to the announcement of 6 February 2024 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 2024. As previously announced, both the DSL 15 January 2030 and the Green DSL 15 January 2044 will in any event be opened this quarter alongside an existing DSL. The details will be announced at a later stage, but no later than the Wednesday prior to the relevant auction date (t-6).

Auction date	Details	Target volume (€ bn)
23 January 2024	Reopening DSL 15 January 2038	1.5 - 2
6 February 2024	New 10-year bond: DSL 15 July 2034	4 - 6
27 February 2024	One auction date: Reopening of an existing DSL One auction date: Reopening of DSL 15 January 2030 One auction date: Reopening of the Green DSL 15 January 2044	All auctions: To be announced*
12 March 2024
26 March 2024

* Target volume and other details will be announced at a later stage, but no later than the Wednesday prior to the auction date (t-6).