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THE NETHERLANDS WILL SELL THE NEW 0% JAN-52 DSL ON TUESDAY

DUTCH AUCTION PREVIEW

The DSTA will come to market on Tuesday for a tap of E4-6bn. On offer is the 0% Jan-52 DSL, which will be sold via DDA.

  • BACKGROUND: Beyond the initial offer size, the total volume of the new 0% Jan-52 DSL will reach EUR10bn through subsequent re-openings. The DSTA has stated that liquidity will be guaranteed through a repo facility available to the primary dealers.
  • RV/HISTORY: DSLs have rallied over the last week and the curve has bull flattened, in part reflecting the deteriorating economic outlook in light of surging coronavirus infections across Europe. The possibility of fresh local, or even national, lockdowns threatens to undermine the fragile recovery before it has gained sufficient momentum. Absent a shift in the Covid trajectory, DSLs are likely to remain bid heading into the Tuesday auction.
  • TIMING: From the DSTA: "The book opens at 10:00 CET and closes 17:00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book, but no later than 9:00 CET the following morning. The pricing will occur between 30 minutes after allocation and 12:00 CET the day after the DDA. The DSTA aims to determine the price on the auction day itself. Settlement takes place two days after pricing."
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