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2.25% coupon for the new 10-year bond
On Tuesday 7 February 2012, the DSTA intends to launch its new 10-year bond, the 2.25% DSL 15 July 2022, via the Dutch Direct Auction (DDA). If market circumstances would not allow for an orderly auction, the DSTA reserves the right to postpone the DDA.
Specific to the DDA is the direct placement of debt with end investors. During the DDA, investors can place their bids via one or more Primary Dealers of their choice.
The terms and conditions of this bond are:
|
Maturity date |
15 July 2022 |
|
Coupon |
2.25% annually from 2012 (short first coupon) |
|
Issuance size |
Minimum of € 5 billion |
|
Reference bond |
DBR 2.0% 4 January 2012 |
|
Initial spread guidance |
To be announced on 6 February 2012 |
|
Auction date |
Tuesday 7 February 2012, starting at 10.00 CET |
|
Pricing Window |
From 1 hour after allocation until 8 February 2012 12.00 CET |
|
Settlement date |
Friday 10 February 2012 |
The DDA is a daylight auction. The book opens at 10.00 CET and closes 17.00 CET on the same day at the latest. The allocation will be announced as soon as possible after the closing of the book. The pricing will occur between 1 hour after allocation and than 12.00 CET on the following day. The DSTA aims to price on the auction day itself.
The target amount is a minimum of € 5 billion. Through subsequent reopenings the amount outstanding of this DSL will be increased to at least € 15 billion before the end of the year. Liquidity of the bond will be guaranteed through a repo facility available to the Primary Dealers.
Further information on the DDA can be found on this website, www.dsta.nl.