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DDA: 0% Jan-38 DSL

DUTCH AUCTION PREVIEW
  • The Netherlands will come to the market this morning to sell E4-6bln of the new long 15-year 0% Jan-38 DSL via Dutch Direct Auction (DDA).
  • On offer will be E4-6bln and in line with recent DDAs we would expect the top of the range to be achieved.
  • The DSTA announced initial spread guidance yesterday of 15-18bps over the 0% May-36 Bund.
  • With Spain issuing a new long 15-year Obli on the same day, there will be a lot of issuance today around the 15-year area.
  • This will be the second DDA of the year after the launch of the new 10-year 0% Jul-31 DSL saw E5.99bln sold from books of E26.4bln.
  • Timing: Books are due to open at 9:00. Final spread guidance for the last DDA was announced at 11:01 for February's DDA. The last three DDAs have seen books close between 11:20-11:45 respectively. Pricing was then fairly swift, before 13:00 in all cases.

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