Dutch State reopens the DSL January 2030 and updates the issuance calendar for the first quarter of 2025
On Tuesday 28 January 2025, the Dutch State Treasury Agency (DSTA) will reopen the ‘DSL 2.50% 15 January 2030’.
The characteristics of this bond are:
|
Maturity date |
15 January 2030 |
|
Coupon |
2.50% |
|
Issue date |
28 January 2025 |
|
Settlement date |
30 January 2025 |
|
Target amount |
€2.0 to €2.5 billion |
|
Current outstanding amount |
€12,236,000,000 |
|
First issue of this bond |
4 April 2023 |
|
ISIN code |
NL0015001DQ7 |
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 first quarter 2025
In addition to the announcement of 28 January as the tap auction date of the DSL January 2030, the DSTA has also announced 4 March 2025 as the auction date of the new 10-year benchmark bond via Dutch Direct Auction (DDA). All other issuance dates in this period will be used to reopen existing DSLs. The details of the DSLs to be auctioned on the remaining auction dates will be announced at a later stage. Traditionally, DSL auctions are scheduled on the second and fourth Tuesday of the month. Target volume and other details will be announced no later than the Wednesday prior to an auction.
DSL issuance calendar first quarter 2025
|
Auction date |
Details |
Target volume (€ bn) |
|
|
14 January 2025 |
Reopening DSL 15 January 2054 |
2.245* |
|
|
28 January 2025 |
Reopening DSL 15 January 2030 |
2 – 2.5 |
|
|
4 March 2025 |
New 10-year bond: DSL 15 July 2035 |
4 - 6 |
|
|
The following bonds are scheduled to be auctioned in February and March of 2025 |
|||
|
Tap of an existing DSL** |
To be determined |
||
|
Tap of an existing DSL** |
To be determined |
||
*Issued volume including non-comp
**Target volume and other details will be announced at a later stage, but no later than the Wednesday prior to the auction date (t-6).