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2.00% Jul-24 DSL

DUTCH AUCTION PREVIEW
MNI (London)

The Netherlands will come to the market today to sell E1.5-3.0bln of the 3-year DSL, thus completing their issuance for the year.

  • On offer will be: 2.00% Jul-24 DSL. ISIN: NL0010733424
  • Auction history: The 2.00% Jul-24 DSL hasn’t been reopened recently, however the last comparable bond auctioned was the 0.25% Jul-25 DSL (ISIN: NL0011220108), which was most recently auctioned on August 31, 2021, where E2.0bln was sold at a yield of -0.716%.
  • Market colour: The 2.00% Jul-24 has traded at a 0-6bp discount to the 1.00% Aug-24 Bund range through 2021 and is around the widest part of that range at present (widening over 3bp on the announcement of the auction). We expect the spread will move back towards the mid-point of the range shortly after the auction.
  • Timing: Results are due shortly after the auction closes at 09:00GMT / 10:00CET.

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