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2.75% Jan-47 DSL

DUTCH AUCTION PREVIEW
  • The DSTA will come to the market this morning to sell E1-2bln of the 25-year 2.75% Jan-47 DSL.
  • This will be the second auction of the DSL in 2021 with the previous auction being held on 25 May.
  • That auction saw E1.70bln sold with a further E257mln at the second round and achieved a yield of 0.403%.
  • Despite yields having fallen to almost -0.09% in August, the 0.346% at the time of writing is still lower than the 0.403% seen at the May auction.
  • On an RV basis, the 25-year DSL is close to the cheapest it has ever been versus the 2.50% Aug-46 Bund, with yields on the 2.75% Jan-47 DSL more than 20bp higher than the Bund.
  • Timing: Results will be available shortly after the auction closes at 9:00BST/10:00CET.
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