On Tuesday, the Netherlands...>

DUTCH AUCTION PREVIEW: On Tuesday, the Netherlands re-opens the 0.25% Jul-29 DSL

for between E1-2bln.

- BACKGROUND/RV: The DSTA launched the new 10-Yr benchmark Jul-29 via direct

auction on February 12, with E5.9bln allocated at a uniform yield of 0.358%

(with books at around E27bln). With a total targeted outstanding volume of the

issue of E12bln by end-2019. this leaves around E6bln to be sold between 3 or 4

auctions for the remainder of the year, including Tuesday's.

- Spreads versus Germany have come in from just above 22bps at the time of

launch to 18.1bps (vs 0.25% Feb-29 Bund). The Dutch curve has bull flattened

since the beginning of the year, with the 10-Yr segment outperforming. The yield

on the Jul-28 is down 23.6bps in 2019, versus a 13bps rise in 2-Yr, 8bps drop in

5-Yr, and 14bps drop in 30-Yr. Versus EUR swaps, the Jul-29 DSL is trading

31.3bps inside, which is roughly midrange for its short existence compared with

34.3bps in late March and low of 30.0bps in mid-March.

- TIMING: Results are due shortly after 0900UK/1000CET.