Dutch State updates the issuance calendar for the first quarter of 2025

On Tuesday 11 February 2025 and Tuesday 25 March 2025, the DSTA will auction an existing DSL via a tap auction. DSL auctions are scheduled on the second and fourth Tuesday of the month, as is usual. Target volume and other details will be announced no later than the Wednesday prior to an auction.

Auction Date

Details

Target volume (€ billion)

14 January 2025

Reopening DSL 15 January 2054

2,245*

28 January 2025

Reopening DSL 15 January 2030

2,45**

11 February 2025

TBD***

TBD***

4 March 2025

New 10-year bond: DSL

15 July 2035 (via DDA)

4-6

25 March 2025

TBD***

TBD***

* Issued volume including non-comp

** Issued volume excluding 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)

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.