Publication of Quarterly Outlook, issuance calendar second quarter 2024 and announcement of reference bond for the reopening of the 30-year bond via DDA on 16 April 2024
Today the Dutch State Treasury Agency publishes the Quarterly Outlook and the issuance calendars for the second quarter of 2024. The funding need for 2024 is estimated to be €88.0 billion, representing an increase of €11.2 billion. The DSTA expects the call on the capital market to remain unchanged at around €40 billion in nominal terms. Ahead of the upcoming reopening of the 30-year bond, the DSL 15 January 2054 by means of a Dutch Direct Auction (DDA) on 16 April 2024, the DSTA announces that the reference bond is the DBR 2.50% 15 August 2054.
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 second quarter of 2024.
Funding need in 2024
The DSTA updates its funding need for 2024 and expects a cash deficit that is €11.2 billion higher than communicated at the beginning of the year. This brings the total estimated funding need for 2024 to €88.0 billion. This increase is mainly driven by the loan facility to TenneT which is expected to be €13.1 billion in 2024. Any further updates of the 2024 estimated funding need will be provided in the next Quarterly Outlook in June. If circumstances warrant an earlier update, this will be communicated accordingly.
Estimated borrowing requirement for 2024 |
Amount |
Change since January 2024 (in €bn) |
Capital market redemptions 2024 |
32.8 |
- |
Net money market ultimo 2023 (excl. cash collateral) |
25.5 |
- |
Cash deficit 2024* |
29.7 |
11.2 |
Total |
88.0 |
11.2 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement
Call on the capital and money markets
Due to uncertainty in the funding need and in line with the funding policy of the DSTA, the increase of the borrowing requirement will be financed by increasing the call on the money market. The expected issuance on the capital market for 2024 remains unchanged at around €40 billion (in nominal terms).
DSL issuance calendar second quarter 2024
As recently announced, the DSTA will reopen the 30-year DSL 15 January 2054 by means of a DDA on 16 April 2024 with a target volume of €4 to 5 billion. Later in April, the DSTA will reopen the 10-year DSL 2034, which was issued earlier this year. The DSLs to be auctioned at the remaining auction slots in the second quarter remain to be determined. At least six days prior to the auction, the DSTA will announce which DSL will be issued at the relevant auction date. The DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar. Any such change will be announced in a timely manner through a press release.
Auction date |
Details |
Target volume (€ bn) |
16 April 2024* |
DDA of the DSL 15 January 2054 |
4-5 |
30 April 2024* |
Reopening of the DSL 15 July 2034 |
2-2.5 |
14 May 2024 |
Tap of an existing DSL |
To be announced** |
28 May 2024 |
Tap of an existing DSL |
To be announced** |
11 June 2024 |
Tap of an existing DSL |
To be announced** |
25 June 2024 |
Tap of an existing DSL |
To be announced** |
* The two auctions in April deviate from the regular pattern of the DSTA and are on the third and fifth Tuesday.
** Target volume and other details will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).
DTC issuance calendar second quarter 2024
As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the second quarter of 2024 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. DTC auctions are held on the first and third Mondays of the month. Two exceptions are the first auction in April and the second auction in May, where the auctions will take place one day later, on Tuesday, due to public holidays. Further details of the auction 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. Any such change is announced in a timely manner through a press release.
Auction date* |
Settlement date |
Shorter-dated programme |
Longer-dated programme |
2 April 2024** |
4 April 2024 |
30 July 2024 |
27 September 2024 |
15 April 2024 |
17 April 2024 |
27 June 2024 |
27 September 2024 |
6 May 2024 |
8 May 2024 |
29 August 2024 |
30 October 2024 |
21 May 2024** |
23 May 2024 |
30 July 2024 |
30 October 2024 |
3 June 2024 |
5 June 2024 |
27 September 2024 |
28 November 2024 |
17 June 2024 |
19 June 2024 |
29 August 2024 |
28 November 2024 |
* Auction details will be announced on Wednesday prior to the auction (t-5)
** Auction on a Tuesday, due to public holiday on the previous day
Reference bond for the reopening of the 30-year bond via DDA on 16 April 2024 is the DBR 2.50% 15 August 2054
In its Outlook 2024, the DSTA announced that it would reopen the 30-year bond DSL 15 January 2054 by means of a DDA. Today the DSTA announces further details for the issuance of this 30-year bond, the reference bond being the DBR 2.50% 15 August 2054. The auction date, maturity date, reference bond and target volume therefore are as follows:
Auction date |
Tuesday 16 April 2024, start 10:00 CET |
Maturity date |
15 January 2054 |
Reference bond |
DBR 2.50% 15 August 2054 |
Target volume |
€ 4 - € 5 billion |
Pricing |
Aim to price on the auction date, but no later than 12:00 CET on 17 April 2024 |
Settlement date |
Two days after the issuance price is set |
Coupon |
2.00% |
Initial spread guidance |
To be announced on Monday 15 April 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, 16 April 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.