Dutch State reopens the Green DSL 2044 in February and updates the DSL-issuance calendar for March 2024

By way of this press release the Dutch State Treasury Agency (DSTA) provides an update on the date of the re-opening of the Green Dutch State Loan (DSL) 3.25% 15 January 2044. Furthermore, the DSL-issuance calendar for March 2024 is updated.

Reopening of the Green DSL 2044 on 27 February 2024

On Tuesday 27 February 2024, the Dutch State Treasury Agency (DSTA) will reopen the ‘Green DSL 3.25% 15 January 2044’.

The characteristics of this bond are:

Maturity date	15 January 2044
Coupon	3.25%
Issue date	27 February 2024
Settlement date	29 February 2024
Target amount	€ 1.5 to € 2.0 billion
Current outstanding amount	€ 4,981,953,000
First issue of this bond	17 October 2023

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 remainder of first quarter 2024

In addition to the announcement of 27 February 2024 as the date of the reopening of the Green DSL 2044, the DSTA has further updated the issuance calendar for DSL issuances in March 2024. The tap auction of the DSL 15 January 2030 will take place on 12 March 2024. The details of the DSL to be auctioned on 26 March 2024 will be announced at a later stage after consultation with Primary Dealers.

Auction Date	Details	Target volume (in € bn)
27 February 2024	Reopening DSL 15 January 2044	1.5 – 2.0
12 March 2024	Reopening DSL 15 January 2030	2.0 – 2.5
26 March 2024	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).