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THE NETHERLANDS WILL SELL E1.5-2.5BN OF THE 0.75% JUL-28 DSL

DUTCH AUCTION PREVIEW

The Netherlands will come to market on Tuesday for a tap of E1.5-2.5bn. On offer is the 0.75% Jul-28 DSL.

  • BACKGROUND: The 0.75% Jul-28 DSL serves as the current 8-year benchmark and was last tapped in 2018.
  • RV/HISTORY: Having broadly rallied since mid-April, Dutch bonds have lacked direction since the beginning of August. Uncertainty over the economic outlook and inflation trajectory, coupled with the ECB holding in a 'wait-and-see' mode, has left the market lacking fresh cues. There will likely be limited market impact from this week's ECB Governing Council meeting, with no material change in monetary policy expected. August CPI data for the Netherlands will be published ahead of the Tuesday auction, which could be a potential catalyst for price action. The 0.75% Jul-28 DSL currently trades at a yield of -0.475%, near the middle of the YTD range and 19bp inside the comparable EUR swap.
  • TIMING: Results are due out after the auction closes at 0900BST.
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