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DUTCH AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-opens the 0.0%
Jan-24 DSL Tuesday for between E1.5-2.5bln.
- BACKGROUND: This will be the final re-open of the Jan-24, which was launched
in Nov 17 via direct auction. At the last re-open on Jun 12, DSTA sold E2.15bln
(vs E1.5-2.5bln target) at 0.09% average yield.
- RV/HISTORY: The Dutch curve has steepened sharply since the beginning of
September, amid rising yields globally and mounting expectations of ECB
tightening policy. The 5-10 yr segment has fared worst, with yields up 16-17bps
(2-Yr yield up just 7.8bps and 30s up 13.5bps by comparison). However, spreads
versus Germany have narrowed, with 5-10 yr German bond yields up 17-18bps over
that period. Indeed, 4-5 Yr DSLs have been trading flat to German equivalents
for months, at a fairly consistent 10bps spread, with seemingly little room to
narrow (year's low was around 7bps, in February).
- TIMING: Results are due around 0820GMT.