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The Dutch State Treasury......>

DUTCH AUCTION PREVIEW
MNI (London)
DUTCH AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-opens its DSL
0% Jan-24 for between E1.5bln-E2.5bln on Tuesday.
- BACKGROUND: This is the second re-opening of this 2024 DSL and adds to the
E8.462bln current size outstanding. If the DSTA sells the maximum size of
E1.25bln, then it will have sold E10.2bln worth of bonds YTD or 30% of its 2018
capital market target, according to MNI calculations.
- RV: The issue trades at 0.109% mid-yield - near recent rich level of 0.088%
and implies little pre-auction concession. 
- HISTORY: The initial launch of the 2024 DSL was via Dutch Direct Auction (DDA)
on Oct 11 for E6.57277bln at average yield of 0.05% or a spread of 12bps over
DBR 1.75% Feb 2024 and an order book of around E17.096bln. The last reopening on
Jan 9 for E1.89bln at an average yield of 0.052%.
- TIMING: Auction results are due around 0820GMT.

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