Preliminary initial spread guidance for new 10-year Dutch State Loan set at +25 to +28 basis points

Tomorrow, 4 March 2025, the DSTA will launch its new 10-year bond, the 2.50% DSL 15 July 2035, via a Dutch Direct Auction (DDA). Today, the preliminary initial spread guidance vis-à-vis the reference bond is set at +25 to +28 basis points.

The DSTA reserves the right to adjust the spread guidance before opening the book if circumstances change.

During the auction the spread guidance may also be adjusted. The spread guidance will become final no later than 15:00 CET tomorrow.

The characteristics of this bond are:

Maturity date

15 July 2035

Coupon

2.50% annually from 2025 (short first coupon)

Issuance size

€ 4 - 6 billion

Reference bond

DBR 2.50% 15 February 2035

Preliminary initial spread guidance      

+25 to +28 basis points

Auction date

Tuesday 4 March 2025, starting at 10:00 CET

ISIN code

NL0015002F72

Total fees PDs

€ 17 million (incl. advisory fees) for this DDA and the DDA of a new 15+year DSL in 2025

The target volume of the DDA is € 4 to 6 billion. Through subsequent future re-openings the outstanding amount of the DSL will be increased to a minimum of €12 billion by the end of 2025. Liquidity will be guaranteed through a repo facility available to the Primary Dealers (PDs).

The book will open on 4 March 2025 at 10:00 CET and closes at 17:00 CET at the latest. The allocation and the cut off-spread will be announced as soon as possible after the closing of the book, and no later than 09:00 CET on the following day. Allocation is strictly based on pre-announced rules (the DDA rules) in order to ensure a fair and fully transparent auction. The DDA is a uniform price auction. 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 determine the price on the auction date itself. Settlement takes place 2 days after pricing.

Further information can be found in the investor presentation and the DDA rules, which are available on the website (english.dsta.nl) and Bloomberg (DDA <GO>)