Publication of Quarterly Outlook, issuance calendars second quarter 2025 and update for funding plan of 2025

News item | 21-03-2025 | 13:00

Quarterly Outlook

Today the DSTA publishes its Quarterly Outlook with updates on the economic, budgetary and climate outlooks, the funding plan and the issuance calendars for the second quarter of 2025.

Funding plan in 2025

The DSTA updates its funding plan for 2025 and expects a cash deficit that is €17.5 billion lower than communicated in January. This brings the total estimated funding requirement for 2025 to €88.9 billion. This decrease is mainly driven by lower than previously expected expenses for 2025.

Estimated borrowing requirement for 2025	Amount (in € billion)	Change since January 2025   (in € billion)
Capital market redemptions 2025	19.9	-
Net money market ultimo 2024 (excluding cash collateral)	37.5	-
Cash deficit 2025*	31.5**	-17.5
Total borrowing requirement 2025	88.9	-17.5

_{*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
** The loan facility to TenneT in 2025 comprises €14.2 billion of this amount.}

Call on the capital and money markets

The expected issuance on the capital market for 2025 remains unchanged at around €40 billion. The expected issuance on the money market for 2025 is lowered from €66.4 to €48.9 billion.

DSL issuance calendar second quarter 2025

On 4 March 2025, the DSTA launched the new benchmark 10-year DSL 2035 via a Dutch Direct Auction (DDA). In the second quarter, the DSTA will reopen the DSL 2035 through a tap auction on June 10. The DSLs to be auctioned at the remaining auction slots in the second quarter remain to be determined. In the second quarter, the DSTA will issue, as per usual, on the second and fourth Tuesday of each month, the exceptions being the second Tuesday in April (no auction to due to public holidays) and the second Tuesday in June. 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 from the issuance calendar. Any such change will be announced in a timely manner through a press release.

Auction date	Details	Target volume (€ billion)
8 April 2025	Tap of an existing DSL*	To be determined
13 May 2025	Tap of an existing DSL*	To be determined
27 May 2025	Tap of an existing DSL*	To be determined
10 June 2025	DSL 15 July 2035	2 – 2.5

_{* Details, including target volume, will be announced at a later stage, at the latest on the Wednesday preceding the auction date (t-6).}

DTC issuance calendar second quarter 2025

As usual, the DSTA will have regular money market issuances through its DTC programmes. The schedule for the second quarter of 2025 generally follows the regular pattern where auction dates typically contain both a shorter-dated programme and a longer-dated programme. DTC auctions are held on the first and third Monday of the month. Two exceptions are the second auction in April and the first auction in May, where the auction will take place one day later, on Tuesday, due to a public holiday. Further details of the auction will be announced on the Wednesday prior to the auction. The DSTA reserves the right to add a DTC programme or, alternatively, alter or remove it from 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 April 2025	9 April 2025	30 July 2025	29 September 2025
22 April 2025**	24 April 2025	27 June 2025	29 September 2025
6 May 2025**	8 May 2025	28 August 2025	30 October 2025
19 May 2025	21 May 2025	30 July 2025	30 October 2025
2 June 2025	4 June 2025	29 September 2025	27 November 2025
16 June 2025	18 June 2025	28 August 2025	27 November 2025

_{* Auction details will be announced on Wednesday prior to the auction (t-5).}

_{** Auction on a Tuesday, due to public holiday on the previous day.}