The Dutch State announces the auction date for a new 10-year benchmark bond

By way of this press release, the Dutch State Treasury Agency (DSTA) provides an update on the launch of a new 10-year benchmark bond, the DSL 15 July 2035 on Tuesday 4 March 2025 by means of a Dutch Direct Auction (DDA).

Auction of new 10-year benchmark bond on 4 March 2025

In its Outlook 2025, the DSTA announced that it would issue a new 10-year benchmark bond. The DSTA indicated that the window for launching this bond would be February or March 2025.

Today the DSTA announces the details for the issuance of this new 10-year benchmark bond. The auction date, maturity date, reference bond and target volume are as follows:

Auction date

Tuesday 4 March 2025, start 10:00 CET

Maturity date

15 July 2035

Reference bond

DBR 2.50% 15 February 2035

Target volume

€ 4 - € 6 billion

Pricing

Aim to price on the auction date, but no later than 12:00 CET on 5 March 2025

Settlement date

Two days after the issuance price is set

Coupon

To be announced on Friday 28 February 2025

Initial spread guidance

To be announced on Monday 3 March 2025

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 date of the DDA, 4 March 2025, 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.