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The Dutch State Treasury......>

DUTCH AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-opens the 2.75%
Jan-47 DSL Tuesday for between E0.5-1.0bln.
- BACKGROUND: The 30-Yr benchmark Jan-47 has not been re-opened since July 2017.
Total sale at the E1.0bln end of guidance will bring the Netherlands to around
85% of 2018 planned issuance, from 81% now.
- RV/HISTORY: The Dutch curve has steepened over the past month alongside the
bearish global move, in tandem with Germany. If anything the 30-Yr segment has
outperformed, with the Jan-47 up 11.9bps in the past month (last at 1.1637%
based on Tradeweb data), compared with 14-16bps for the 9-to-10-Yr segment.
Versus Germany, the Jan-47 is trading at a very slight discount at 5bps wide of
German Aug-46 and 1bps wide of German Aug-48. While this is slightly wider to
Germany versus earlier in 2018, it is only by a few basis points, and there
appears to be limited scope for compression.
- TIMING: Results are due around 0820GMT.

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