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0% Jan-26 DSL

DUTCH AUCTION PREVIEW
MNI (London)

The Netherlands will come to the market today to launch E3-5bln of the new 4-year DSL in their first auction for 2022. MNI expects the top of the range to be acheieved.

  • On offer will be: 0% Jan-26 DSL. ISIN: NL0015000QL2.
  • Auction history: The 0% Jan-26 DSL will fill a gap on the DSL-curve and will complement the 0% Jan-27 DSL (which is the closest comparable bond). The 0% Jan-27 DSL was launched via conventional auction in May 2020 and has since been reopened four times. The initial launch issued a nominal of E4.99bln, resulting in an average yield of -0.382%. The most recent two reopenings of the DSL were in March 2021 and November 2021. These auctions saw E2.33bln and E1.64bln nominal issued respectively. The March auction resulted in a yield of -0.484% and E2.76bln cash raised, whilst the November 2020 auction saw a yield of -0.656%, raising E1.71bln cash.
  • RV: The 0% Jan-27 DSL has stayed in a fairly narrow range of 13-22.5bp relative to the 0% Oct-26 Bobl recently. Indeed, at the time of writing we were trading just ahead of the midpoint of the range at 18.6bp.
  • Timing: Results are due shortly after the auction closes at 09:30GMT / 10:30CET.
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