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- The Netherlands will come to the market today to hold its first Dutch Direct Auction (DDA) of the year. E4-6bln of the new 10-year 0% Jul-31 DSL will be on offer.
- Guidance of 0% Feb-31 Bund + 12-15bps was published by the DSTA yesterday afternoon.
- Last year two DDAs were held (a 10-year in March and 30-year in September), with both seeing transaction sizes of close to the E6bln upper limit.
- We would expect to see very strong demand today with the spread narrowed further than the current guidance.
- Timing: Books are due to open at 9:00GMT. The 2020 DDAs saw books close at 11:20GMT and 11:45GMT respectively. Pricing was then fairly swift, before 13:00GMT in both cases.