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

DUTCH T-BILL AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) issue a new
6-month Aug 31, 2018 DTC for between E1.0-E2.0bln on Monday.
- RV: The grey market is indicating a mid-yield of around -0.636% and with
6-month Eonia currently at -0.355% gives a spread of -28.1bps and a 1.5bp pick
up compared to the Jul 31, 2018 DTC. In general Core/Semi-core Eurozone T-bill
yields have edged lower over February and starting to look a little on the rich
side again.
- HISTORY: For comparison at the last 6-month DTC auction on Feb 19 the DSTA
allotted E1.17bln at average yield -0.62% and cover of 2.22 times. Prior to this
on Feb 5 the DSTA allotted E1.46bln at average yield -0.625% and cover 1.705
- TIMING: Results are due to be announced at around 1040GMT.

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