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EUR2bn of the 0.50% Jul-26 DSL On Offer

DUTCH AUCTION PREVIEW
  • The Netherlands will come to market today to re-open the 0.50% Jul-26 DSL with EUR2bn on offer.
  • The 0.50% Jul-26 DSL serves as the 6-year benchmark and currently trades 26bp inside the comparable EUR swap. The issue was last tapped on 11 February 2020 with E1.33bn sold at an average yield of -0.49%.
  • The DSL curve continues to steepen as the long-end remains under pressure. The 2s30s spread has pushed above 102, marking a return to mid-2019 levels.
  • Spreads over bunds have been relatively stable since the beginning of the year.
  • There are no tier one data releases this morning that could otherwise serve as a potential catalyst for price action.
  • TIMING: Results will be published shortly after the auction closes at 0900 London.


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