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AUCTION PREVIEW: On Jan 8 the DSTA......>

NETHERLANDS
NETHERLANDS: AUCTION PREVIEW: On Jan 8 the DSTA come to market for E1.25-1.75bln
offering the 1.75% Jul-23 DSL. 
- HISTORY: The last auction of the 1.75% Jul-23 DSL was on Nov 12 2013, and thus
offers little use as a relevant comparison. However bond currently trades at a
yield of -0.182% on the market.  
- RV/BACKGROUND: The AEX index in Amsterdam has started the year under pressure
as investors in the Netherlands continue to invest more and more outside of
equities. Equity performance has seen DSL yields come down across Q4, 2018. This
trend can be expected to continue as the Eurozone continues to slow and DSLs are
seen as one of the safest euro denominated bonds. The 5-Yr yield is currently at
-0.182%.   
- TIMING: Results are due shortly after the auction closes at 1030GMT. 

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