DSTA publishes a revised funding plan...>

NETHERLANDS: DSTA publishes a revised funding plan for this year, following the

government's budget memorandum out last Friday which gave a "rough" estimate of

a EUR92bln deficit:

- Total 2020 Funding Need: EUR135.8bln, vs EUR42.7bln seen at the start of 2020.

- Total bond issuance for the year: a MINIMUM of EUR35bln, vs EUR21-26bln

expected at the start of the year. Unable to give guidance on money market sales

(eg DTCs) but "will continue to make extensive use" of them.

- Change in Q2 issuance calendar: Adds a new DSL in the 5-7 year segment at

end-May/beginning of June, details TBD; also target volume of 10-Yr DSL up to

EUR1-3bln vs EUR1-2bln previously.

- For rest of year: launch of new 30-yr DSL foreseen in H2; 20-Yr Green DSL to

be re-opened for at least EUR2bln this year. More details coming in June.

- The schedule for DTC issuance remains unchanged for Q2.