Investor Presentaiton
Issuer
Ratings
Key transaction facts
The State of the
Netherlands
Aaa/AAA/AAA
Dutch State Treasury Agency
Transaction review: DSL 0.75 % 15 July 2027
Overview
Allocated size
Total book
€ 5,697,926,000
€ 13,009,626,000
•
Today the DSTA launched its new 10-year benchmark bond via a Dutch Direct Auction (DDA).
Bid-to-cover
2.28
Issuance yield
0.707%
Issuance price
100.43
Maturity
15 July 2027
要
Coupon
0.75 %
Settlement
9 February 2017
Law
Dutch law, CACs
ISIN
NL0012171458
Listing
Euronext AMS
•
•
•
The book opened at 10.00 CET with an initial spread guidance of +33 to +36 basis points over the German Bund
maturing on 15 February 2027.
Bids came in steadily from the start. After about 15 minutes, the book was already in excess of € 5 billion. Less than
an hour after opening the order book reached a volume in excess of €9 billion. Half an hour later the spread guidance
was narrowed to +33 to +34 basis points.
The order book was closed at 12:00 CET with a total bid volume of € 13 billion. An amount of € 5.7 billion was
allocated at a uniform cut-off spread of +33 basis points over the reference bond. Of the allocated amount 58% was
allocated towards 'real money' accounts.
The geographical distribution of the allocation was balanced, a large part of the issuance was allocated to the United
Kingdom, The Netherlands, Switzerland and the United States.
The DSL 0.75 % 15 July 2027 will be reopened several times in order to reach an outstanding amount of at least € 15
billion before the end of 2017. Liquidity will be guaranteed through a repo facility available to Primary Dealers.
Investor type distribution (%)
The new 10-year DSL:
the DSTA issued
€ 5,697,926,000 billion in the
DSL 0.75 % 15 July 2027
www.dsta.nl
15%
+31 70 342 4099
16%
[email protected]
Geographical distribution (%)
United Kingdom (34%)
34%
Netherlands (21%)
■Switzerland (11%)
United States (10%)
Banks and Trusts (25%)
8%
7%
25%
Asset and Fund Managers
(18%)
4%
6%
Central Banks, Supranationals
and Agencies (17%)
6%
Treasuries and ALM accounts
of Banks (16%)
10%
Hedge Funds (15%)
18%
Pension Funds and Insurance
Companies (7%)
17%
Other Trading Desks (2%)
Germany (6%)
France (6%)
11%
Poland (4%)
21%
■Other (8%)View entire presentation