Dutch State reopens the DSL July 2034 and announces it will not reopen an existing DSL on 25 June 2024

On Tuesday 11 June 2024, the Dutch State Treasury Agency (DSTA) will reopen the ‘DSL 2.50% 15 July 2034’.

The characteristics of this bond are:

Maturity date

15 July 2034



Issue date

11 June 2024

Settlement date

13 June 2024

Target amount

€1.5 to €2.0 billion

Current outstanding amount


First issue of this bond

6 February 2024

On the issue date at 10 am (CEST), 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 (CEST), 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 (CEST). If a Primary Dealer makes use of this possibility, the transaction is binding after 9.20 am (CEST), 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.

Dutch State will not reopen an existing DSL on 25 June 2024

In the Quarterly Outlook for the second quarter of 2024, the DSTA announced it would be designating four remaining auction moments in the second quarter as to be determined. At least six days prior to the proposed auction moment, the DSTA would announce which DSL would be issued and at which volume.

The DSTA has decided to cancel the tap auction of an existing DSL on 25 June 2024. This decision is based on current insights on the funding need. The cancellation also permits the DSTA to have further flexibility in the second half of the year. All previous DSL-auction moments in this quarter have taken place as per usual.

On Friday 21 June 2024, the DSTA will publish its Quarterly Outlook for the third quarter including any updates to the funding need. The DSTA reserves the right to add an auction or, alternatively, alter or remove an auction from the issuance calendar.

DSL issuance calendar remainder of second quarter 2024

Auction date


Volume (€ bn)

11 June 2024

Reopening of the DSL 15 July 2034

1.5 – 2.0

25 June 2024

Tap of an existing DSL


* Target volume and other details will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).