The Dutch State Treasury......>

DUTCH AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-open its

10-year benchmark 0.75% Jul 2028 DSL Tuesday for between E1.5bln to E2.5bln

indicative size.

- BACKGROUND: This will be the first re-opening of the new 10-yr bond that was

launched on Mar 13 via a Dutch Direct auction with E5.85bln issued and the DSTA

has indicated to raise the outstanding size to min of E12bln by end of 2018.

There are no Dutch cash flows to help.

- RV/HISTORY: Back on Mar 13, the new 10-yr DSL was launched at a spread of

+16.5bs vs the 0.50% Feb-28 Bund having tightened from +18.5bps in initial

guidance. Currently the spread is at 14.7bps as Dutch paper has slightly

outperformed German Bunds. On the domestic curve the the new 10-yr has richened

slightly with spread between the old 10-yr DSL (0.78% Jul-27) tightening by

around 1bp since its launch, while the 10s/30s spread has widened to 52.8bps

from a low of 46.3bps seen on Mar 21. The 10-yr has also cheapened slightly vs

swaps with it currently 28.7bps vs low of 26.9bps.

- TIMING: Auction results are due around 0820GMT.