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The Dutch State Treasury......>

DUTCH AUCTION PREVIEW
DUTCH AUCTION PREVIEW: The Dutch State Treasury Agency (DSTA) re-opens its DSL
0.75% Jul-28 for E1.5-2.5Bln on Tuesday. 
-BACKGROUND: This is the third re-opening of the 0.75% Jul-28 DSL, after
previous auctions on Mar 13 (0.79% Average Yield), May 08 (0.68% Average Yield)
and Jul  10(0.47% Average Yield). The Netherlands have met 85% of their planned
issuance this year and there is currently E10.2bln of DSL 0.75% Jul-28
outstanding. 
-RV/HISTORY: The Jul-28 currently trades at a yield of 0.585%, close to the
month opening despite a 10bps rise in the first week of October. However there
has been a widening of the 10-Year DSL/Bund spread from 10.5bps to 13.5bps
during October, marking the widest spread since the new Bund benchmark was set
in July. The 10-Year DSL yield has underperformed the rest of the curve, causing
the 2s10s spread to rise by 9bps. 
-TIMING: Auction results due around 0900GMT

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