Publication of Quarterly Outlook, issuance calendar fourth 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 fourth quarter of 2024. The expected funding need for 2024 is estimated to be €70.7 billion, representing a decrease of €7.9 billion. The DSTA expects the call on the capital market to remain unchanged at around €40 billion (nominal).
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 fourth quarter of 2024.
Funding need in 2024
The DSTA updates its funding need for 2024 and expects a cash deficit that is €7.9 billion lower than communicated at the end of June. This brings the total estimated funding need for 2024 to €70.7 billion. This decrease is mainly driven by underspending and, to a lesser extent, higher than expected tax revenues.
|
Estimated funding need for 2024 |
Amount |
Change since June 2024 (in € bn) |
|
Capital market redemptions 2024 |
32.8 |
- |
|
Net money market ultimo 2023 (excluding cash collateral) |
25.5 |
- |
|
Cash deficit 2024* |
12.4 |
-7.9 |
|
Total borrowing requirement 2024 |
70.7 |
-7.9 |
*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 fourth quarter 2024
The DSTA will reopen the 10-year benchmark bond DSL 15 July 2034 on the second Tuesday of October. On the second Tuesday of November, the DSTA will reopen one existing DSL. The exact DSL 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 on the issuance calendar. Any such change is announced in a timely manner through a press release.
|
Auction date |
Details |
Target volume (€ bn) |
|
8 October 2024 |
DSL 15 July 2034 |
To be determined* |
|
12 November 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 fourth quarter 2024
As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the fourth quarter of 2024 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. One exception is the second DTC auction in December, where the auction date is one week earlier due to the end-of-year period. 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 on 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 |
|
7 October 2024 |
9 October 2024 |
28 November 2024 |
28 March 2025 |
|
21 October 2024 |
23 October 2024 |
30 January 2025 |
28 March 2025 |
|
4 November 2024 |
6 November 2024 |
27 February 2025 |
29 April 2025 |
|
18 November 2024 |
20 November 2024 |
30 January 2025 |
29 April 2025 |
|
2 December 2024 |
4 December 2024 |
28 March 2025 |
28 May 2025 |
|
9 December 2024** |
11 December 2024 |
27 February 2025 |
28 May 2025 |
* Auction details will be announced on Wednesday prior to the auction (t-5).
**Auctions are held on the first and third Mondays of the month. One exception is the second DTC auction in December, where the auction date is one week earlier due to the end-of-year period.