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Jul-32 DSL DDA

DUTCH AUCTION PREVIEW
MNI (London)
  • The Netherlands will come to the market this morning to launch the new 10-year Jul-32 DSL via DDA. The auction size will be between E4.0-6.0bln and MNI expects issuance at the top of the range.
  • On offer will be the Jul-32 DSL. ISIN: NL0015000RP1.
  • Preliminary initial spread guidance: 0% Feb-32 Bund + 24-28bps
  • Comparable auctions: Today’s launch replaces the 10-year 0% Jul-31 DSL (ISIN: NL00150006U0) as the on-the-run issue. 0% Jul-31 DSL was launched via syndication on February 9, 2021, where E5.99bln was sold at an average yield of -0.316%. The DSL was reopened three times last year. The most recent two reopenings were on June 8 and October 26 last year, issuing E2.2bln and E2.49bln respectively. The June auction saw an average yield of -0.053%, whilst the October auction resulted in a higher yield of 0.014%.
  • Timing: Books closed for the previous DDA at 11:30GMT / 12:30CET with pricing later in the day.
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