Netherlands 2024 Funding Plan

The DSTA has estimated the Netherlands' funding need for 2024 at E75.7bln (made up of redemptions of E32.8bln, money market maturities of E24.4bln and cash deficit of E18.5bln).

• The funding plan is available at the following link: https://english.dsta.nl/news/news/2023/12/15/publication-of-outlook-2024-issuance-calendar-first-quarter-and-advisors
• The 2023 funding need was revised to E74.9bln in September from E86.4bln in June, E99.7bln in January and a preliminary expectation of E101.5bln.
• Capital markets instruments are expected at approximately E40bln for the year (2023 saw a target of E46bln in September, from an initial "approximately E50bln" target). See breakdown below.
• New issues:
  • A 10-year Jul-34 DSL will launch via DDA in the first quarter (E12bln indicative in 2024)
• On-the-run issues to continue to be built:
  • 2.00% Jan-54 DSL for E5bln (via DDA)
  • 3.25% Jan-44 Green DSL for E4bln
  • 2.50% Jan-30 DSL for E4bln
  • E15bln of funding which will be determined "in order to respond to market demand and promote liquidity".
• All available issuance dates for DSLs are to be used in Q1 (second and fourth Tuesday of each month). The first will be a tap of 2.50% Jan-30 DSL targeting E2-2.5bln.
• DSTA also notes that the funding requirement estimate "is surrounded by a high degree of uncertainty due to several factors in the government finances. The elections of November 2023 and the subsequent formation of a new government may have an impact on the actual funding need."