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

DUTCH T-BILL AUCTION PREVIEW
DUTCH T-BILL AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-open
6-month Jan 31, 2019 DTC for between E1.0-E2.0bln on Monday.
- RV: The mid-yield on the Jan 31, 2019 DTC is currently seen at -0.648%
according to Tradeweb and with 6-month Eonia currently at -0.357% gives a spread
of -29.1bps and a 2.8bp premium compared to the Nov 30, 2018 DTC, off its widest
level seen last week. In general Core/Semi-core Eurozone T-bill yields have
edged lower over June as the ECB indicates rates will remain lower for longer,
although thin summer trading could see lower demand.
- HISTORY: For comparison the Jan 31, 2019 DTC was launched on Jul 2 where the
DSTA allotted E1.55bln at average yield -0.65% and cover of 1.89 times. Prior to
this on Jun 18 the DSTA allotted E1.52bln of a 5.5-month DTC at average yield
-0.615% and cover 1.74 times.
- TIMING: Results are due to be announced at around 0940GMT.

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