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The Dutch State........>

DUTCH T-BILL AUCTION PREVIEW
DUTCH T-BILL AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) issue a new
6-month Jul 31, 2018 DTC for between E1.0-E2.0bln on Monday.
- RV: The grey market is indicating a mid-yield of around -0.615% and with
6-month Eonia currently at -0.351% gives a spread of -26.4bps and a 2bp pick up
compared to the Jun 29, 2018 DTC. In general Eurozone T-bill yields have been
squeezing higher since the start of 2018 and do not look so rich now.
- HISTORY: For comparison at the last 6-month DTC auction on Jan 15 the DSTA
allotted E1.26bln at average yield -0.595% and cover of 1.52 times. Prior to
this on Jan 8 the DSTA allotted E1.38bln at average yield -0.605% and cover 1.77
times.
- TIMING: Results are due to be announced at around 1040GMT.

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