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

DUTCH T-BILL AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-open Oct

31, 2019 DTC for between E1.0-E2.0bln on Monday.

- BACKGROUND: This will be the second and final tap of the Oct 31, 2018 DTC and

currently has E2.58bln outstanding.

- RV: The mid-yield on the Oct 31, 2019 DTC is currently seen at -0.618%

according to Tradeweb and with 2-month Eonia currently at -0.357% gives a spread

of -26.1bps and a 5.3bp premium compared to the Sep 27, 2018 DTC up from 9bp

seen last week. In general Core/Semi-core Eurozone T-bill yields have edged

lower since the beginning of August, supported by risk-off sentiment.

- HISTORY: For comparison the last 2.5-month to majority DDTC auction on Jul 16,

the DSTA allotted E1.58bln at average yield -0.60% and cover of 1.61 times.

Prior to this on Jun 18 the DSTA allotted E1.39bln of a 2.5-month DTC at average

yield -0.62% and cover 1.4 times.

- TIMING: Results are due to be announced at around 0940GMT.