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3.75% Jan-42 DSL

DUTCH AUCTION PREVIEW

The DSTA will come to the market this morning to sell E1.5-2.5bln of the 20-year 3.75% Jan-42 DSL.

  • The DSL was first launched as a 30-year issue in 2010 and has only been issued once since 2014.
  • In November 2018, E732mln of the DSL was sold.
  • Demand for DSLs has remained strong with auctions in May and June seeing taps of the long end with E1.70bln of the 2.75% Jan-47 DSL and E1.96bln of the 4.00% Jan-37 DSL sold respectively.
  • Since mid-January, the 3.75% Jan-42 DSL has traded at a 8-12bp spread against the 3.25% Jul-42 Bund. At the time of writing this spread is around 11.3bp.
  • Timing: Results are expected shortly after the auction closes at 9:00BST.

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