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Netherlands funding plan for 2022

EUROZONE ISSUANCE
  • The DSTA have estimated the Netherlands' preliminary funding need for 2022 at E74.5bln (made up of redemptions of E30.7bln, money market maturities of E20.5bln and cash deficit of E23.3bln).
  • Capital markets instruments are expected at approximately E45bln for the year (down from "around" E60bln target in 2021 - which had been upwardly revised from "at least E50bln").
  • New issues:
    • A 5-year Jan-26 DSL via MTS auction on 11 January for E3-5bln (E8bln to be issued in 2022 with E12bln target size within 18 months of launch).
    • A 10-year Jul-32 DSL will launch via DDA in February or March (E4-6bln launch with E12bln issued through 2022)
    • A new 30-year DSL will be launched via DDA with timing TBA (E5bln to be issued in 2022 with E10bln eventual size).
  • On-the-run issue to continue to be built:
    • 0% Jan-29 DSL to be tapped via auction twice in 2022 including E1.5-2.5bln auction in February or March. E4bln to be issued in 2022 in total.
    • The 0.50% Jan-40 Green DSL (current outstanding E10.7bln) will be increased in size by E5bln (possibly in one re-opening). Timing TBA.
    • E11bln of funding still TBA (including two tap auctions in Q1).
  • All available issuance dates for DSLs are to be used in Q1 (second and fourth Tuesday of each month).
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