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0% Jan-52 DSL

DUTCH AUCTION PREVIEW
MNI (London)
  • The Netherlands will come to the market this morning to sell E1-2bln of the 30-year 0% Jan-52 DSL.
  • On offer will be: 0% Jan-52 DSL. ISIN: NL0015614579.
  • Auction history: Today’s auction will be the third reopening of the DSL following its syndicated launch in September 2020, where E5.96bln was sold at an average yield of 0.028%. The last two reopenings were on January 12 and September 14 last year, issuing E1.89bln and E1.98bln respectively. The January auction saw an average yield of -0.027%, whilst the September auction resulted in a notably higher yield of 0.275%.
  • RV: Compared to the 0% Aug-52 Bund, the 0% Jan-52 DSL is trading at a 12.1bp spread. This spread widened from around 4bp at the beginning of September (when the Bund launched) and hit its widest level above 15bps in late November. So far in 2022, we have traded in a 10-12.5bp spread, so are at the higher end of that at writing.
  • Timing: Results will be available shortly after the auction closes at 9:00GMT / 10:00CET.
MNI London Bureau | +44 203-865-3812 | lucy.hager@marketnews.com
MNI London Bureau | +44 203-865-3812 | lucy.hager@marketnews.com

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