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Netherlands Q3 issuance plans

EUROZONE ISSUANCE
  • The DSTA has lowered its estimated funding needs from E73.3bln to E66.3bln, a reduction of E7.0bln, largely due to a lower expected cash deficit in 2022.
  • Capital markets issuance is now expected to be in the E40-45bln range, rather than the previous target of "approximately" E45bln.
  • Just two capital markets issuance operations are to be conducted in Q3-22:
    • Reopening of the 10-year 0.50% Jul-32 DSL on 12 July for E1.5-2.5bln.
    • Launch of a new 30-year DSL via DDA in September.
  • 2 DTC auction dates per month will see shorter-dated and longer-dated DTCs issued on each date.
  • There is a pilot change to the November DTC issue: "The November 2022 DTC programme will not mature on the second to last business day of the month but on 23 November 2022. This way the maturity date of this November programme matches the setlement date of the (planned) DTC-auction on 21 November 2022. Based on the outcome of this pilot it will be decided if the adjustment of maturity dates should be applied to one or all future DTC-programmes."
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