On 14 December 2018 the DSTA presented its funding plan for 2019 in the Outlook 2019

In the Outlook 2019 the funding need for 2019 is estimated at € 43.3 bn. The estimated funding need consists of capital market redemptions, the expected outstanding volume of the money market at the end of 2018 and the expected cash balance for 2019.

Borrowing requirement in 2019 (€ bn)

Capital market redemptions in 2019


Outstanding money market instruments ultimo 2018


Expected cash balance 2019 (-=surplus)




The DSTA intends to roughly balance the call on the capital and money market in 2019 to ensure liquidity in both markets. The DSTA is committed to issue Dutch State Loans (DSLs) on the capital market within a range of € 19 bn to 23 bn. At present, the indicated range for the money market at year-end is also € 19 bn to € 23 bn. If the funding need turns out significantly lower (higher) than has now been estimated the actual size of the money market at year-end could end up below (above) this range.

Funding  2019 (€ bn)

Capital market

19 - 23

Money market ultimo 2019

19 - 23



To fulfil its planned call on the capital market the DSTA will issue a new 10-year DSL - the DSL 15 July 2029 - for approximately € 12 bn. The launch of this 10-year DSL will by means of a DDA. Moreover, as announced by the Minister of Finance on 31 October 2018, the DSTA will issue a green bond in 2019. The green bond will be issued by means of a DDA at the long end of the curve, having a maturity of at least 15 years. The DSTA is committed to issue approximately € 4-6 bn in this green DSL in 2019. Within a few years after the initial issuance, the outstanding volume will be increased to a benchmark size of approximately € 10 bn, as is regular practice for longer-dated DSLs. Finally, the DSTA will hold off-the-run tap auctions throughout 2019 for a total of approximately € 3-5 bn. The DSTA has the option to re-open off-the-run DSLs in all maturity buckets depending on market circumstances and investor demand, irrespective of the already existing outstanding volumes.

Capital market issuance in 2019

Indicative amounts (€ bn)

New 10-year DSL (2029 maturity)

≈ 12

Green bond (maturity ≥ 15 years)

≈ 4 – 6

Reopening off-the-run DSLs

≈ 3 – 5


19 - 23

As usual, the borrowing requirement and the funding plan will be updated during the year whenever new information becomes available. In the beginning of January the first update will be published. More information is available in the Outlook 2019.