Publication of Quarterly Outlook, issuance calendar third quarter 2024 and update for funding need of 2024
Today the Dutch State Treasury Agency publishes the Quarterly Outlook and the issuance calendars for the third quarter of 2024. The expected funding need for 2024 is estimated to be €78.6 billion, representing a decrease of €9.4 billion. The DSTA expects the call on the capital market to remain unchanged at around €40 billion (nominal). The Quarterly Outlook was prepared taking into account the letter to parliament regarding Tennet Germany, sent on 20 June 2024.
Quarterly Outlook
Today the DSTA publishes its Quarterly Outlook with updates on the economic, budgetary and climate outlooks, the funding need and the issuance calendars for the third quarter of 2024.
Funding need in 2024
The DSTA updates its funding need for 2024 and expects a cash deficit that is €9.4 billion lower than communicated at the beginning of the year. This brings the total estimated funding need for 2024 to €78.6 billion. This decrease is mainly driven by underspending and, to a lesser extent, higher than expected tax revenues. Any further updates of the 2024 estimated funding need will be provided in the next Quarterly Outlook in September. If circumstances warrant an earlier update, this will be communicated accordingly.
|
Estimated borrowing requirement for 2024 |
Amount |
Change since March 2024 (in € bn) |
|
Capital market redemptions 2024 |
32.8 |
- |
|
Net money market ultimo 2023 (excluding cash collateral) |
25.5 |
- |
|
Cash deficit 2024* |
20.3 |
-9.4 |
|
Total borrowing requirement 2024 |
78.6 |
-9.4 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement
Call on the capital and money markets
The expected issuance on the capital market for 2024 will remain unchanged at around €40 billion. Fluctuations in the funding need continue to be absorbed in the call on the money market.
DSL issuance calendar third quarter 2024
The DSTA will reopen the 20-year Green Bond DSL 15 January 2044 on the second Tuesday of July. The reopening will be for a targeted amount of €1.5 to 2 billion. Later in September, the DSTA will reopen one existing DSL, which remains to be determined. At least six days prior to the auction, the DSTA will announce 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. Any such change is announced in a timely manner through a press release.
|
Auction date |
Details |
Target volume (€ bn) |
|
09 July 2024 |
Green DSL 15 January 2044 |
1.5 – 2 |
|
10 September 2024 |
Tap of an existing DSL |
To be determined* |
* 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 third quarter 2024
As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the third quarter of 2024 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. Auctions are held on the first and third Mondays of the month, except for the first Monday in July, where no auction is scheduled. Further details of the auctions 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 |
|
15 July 2024 |
17 July 2024 |
30 October 2024 |
To be determined** |
|
5 August 2024 |
7 August 2024 |
27 September 2024 |
30 January 2025 |
|
19 August 2024 |
21 August 2024 |
28 November 2024 |
30 January 2025 |
|
2 September 2024 |
4 September 2024 |
30 October 2024 |
27 February 2025 |
|
16 September 2024 |
18 September 2024 |
30 January 2025 |
27 February 2025 |
* Auction details will be announced on Wednesday prior to the auction (t-5).
** Additional programme will be added to the auction based on the funding need.