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DSTA funding update

EUROZONE ISSUANCE
  • The DSTA funding need has been reduced to E62.7bln for 2022 from E66.3bln (E3.6bln reduction) due to "higher than expected tax revenues so far and windfalls in expenditures for COVID-19."
  • E40-45bln of capital markets issuance is expected (unchanged from previous estimate).
  • Two DSL auction will be scheduled in Q4-22:
    • 11 October: E1.5-2.5bln of the 7-year 0% Jan-29 DSL (ISIN: NL0015000LS8 )
    • 8 November: E1.5-2.5bln of the 10-year 0.50% Jul-32 DSL (ISIN: NL0015000RP1 )
  • DTC auctions will be carried out on 3/17 October, 7/21 November and 5/12 December.

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