2019 ISSUANCE: A total borrowing........>

NETHERLANDS: 2019 ISSUANCE: A total borrowing requirement of E43.3bln is

targeted for 2019, including refinancing of E29.6bln of DSLs and E20.9bln of

short-term debt instruments. The borrowing requirement will be reduced by a

E7.2bln cash surplus. 

- Issuance will be roughly balanced between DSLs and DTCs, with E19-23bln for

each.

- Two new DLS issues: A new 10-year benchmark - the 15 Jul-29 DSL - will be

launched by Dutch Direct Auction (DDA) in February or March. Total outstanding

volume of E12bln targeted by end-2019. A new green bond with maturity of at

least 15-years will also be issued in the second quarter and in E4-6bln size.

Total volume of this issue will be increased to 10bln within a few years.

- Re-opening off-the-run DSLs: Approx. E3-5bln targeted. The first re-opening

will be a DSL with 3-7 maturity with a target volume of E1.25-1.75bln.

- DTCs: A new longer-dated DTC will be issued on the first Monday of the month

and will be subsequently tapped on the third Monday of the month, together with

a shorter-dated existing line.