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DDA on 7 february: reference bond and issuance size
On Tuesday 7 February 2012, the DSTA will launch its new 10-year benchmark bond, via the Dutch Direct Auction (DDA). In case of unforeseen market conditions, the DSTA reserves the right to postpone the auction.
The reference bond for the DSL 15 July 2022 will be the DBR 2% 4 January 2022. The coupon will be made public on Friday 3 February. The initial spread guidance will be announced on Monday 6 February.
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 will be guaranteed through a repo facility available to the Primary Dealers.
The terms and conditions of this bond are:
|
Maturity date: |
15 July 2022 |
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Coupon: |
To be announced on 3 February 2012 |
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Issuance size: |
Minimum of € 5 billion |
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Reference bond: |
DBR 2% 4 January 2022 |
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Initial spread guidance: |
To be announced on 6 February 2012 |
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Auction date: |
Tuesday 7 February 2012, starting at 10.00 CET |
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Settlement date: |
Friday 10 February 2012 |
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 book opens at 10.00 CET and closes at 17.00 CET at the latest. The allocation will be announced as soon as possible after the closing of the book. The pricing may occur 1 hour after allocation and no later than 12.00 CET on the following day. The DSTA aims to price on the auction day itself.
The DDA for the launch of the 20-year DSL is scheduled for 6 March 2012.
Further information can be found in the Outlook 2012 and in the Investor presentation, both available on this website.