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0.50% Jul-32 DSL

DUTCH AUCTION PREVIEW
MNI (London)

On offer today: E1.5-2.5bln of the 0.50% Jul-32 DSL (ISIN: NL0015000RP1).

  • Market colour: Shortly after launch, the yield on the new 10-year DSL followed a soft downwards trend troughing at 0.138% on March 1 as the Ukraine crisis escalated into war (43bp below the 15 Feb launch yield). Yields have since followed a strong upwards trajectory to stand around 1.087% at writing. Spreads to bunds widened to over 30bp last week after having traded in a 23-27bp range. However, we have fallen back close to this range in the past couple of session and sit at 27.3bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 0900 BST / 1000 CEST.

Auction history: Today's auction will see the first reopening of the 0.50% Jul-32 DSL, following its syndicated launch.

DateIssuedAvg yieldPricePre-auctOperation
Current1.087%
15-Feb-22E5.956bln0.572%99.28NewSynd

Previous benchmark auctions: The auction history for the previous 10-year DSL 0% Jul-31 DSL (ISIN: NL00150006U0) is below:

DateIssuedAvg yieldPricePre-auctOperation
Current0.977%
Last 3 aveE2.347bln-0.022%
26-Oct-21E2.49bln0.014%99.8699.80Auction
08-Jun-21E2.2bln-0.053%100.54100.51Auction
11-May-21E2.35bln-0.027%100.27100.25Auction
09-Feb-21E5.99bln-0.316%103.35NewSynd
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