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0% Jan-52 DSL

DUTCH AUCTION PREVIEW
  • Dutch issuance for the year will kick off today with EUR1-2bln of the 0% Jan-52 DSL on offer.
  • This will be the first auction of the DSL following its successful syndicated launch in September. EUR5.96bln was sold with books over EUR19bln.
  • The only other issuance of more than 20 years in 2020 was an auction of the 2.75% Jan-47 DSL. This saw EUR1.19bln nominal issued with a further EUR0.18bln in the second round. Note that this was with a price of 171.02, so the first round raised just over E2bln.
  • Today's auction is likely to be the first Dutch auction of more than 20 years to acheive a negative yield.

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