Outlook
2023

Photo theme
The photos featured in this Outlook portray Agility.
Agility can be defined as the ability to move quickly and easily.
In the modern age, the word’s meaning has expanded to
project management, describing the ability to respond to
change. In 2022, change was all around us. Amidst
unpredictability in our funding need and global uncertainties,
the Dutch State Treasury Agency (DSTA) remains committed
to its mandate of financing the state debt in a transparent
and consistent manner.
So, what does it mean to display agility for the DSTA and the
Netherlands? As we strive to be an agile organisation, we can
be inspired by examples from the world around us. This
Outlook illustrates examples of everyday agility.

Dutch animals in nature like the buzzard are tremendously
nimble flyers. Newcomers such as the wolf must adapt to
survive their new and changed habitats. Athletes express
agility at the highest levels, and Dutch innovators are
constantly designing and building new technologies to help
mitigate climate risk.
For a sailboat, any plan made before setting out on a journey
must be adapted to the prevailing circumstances in order to
arrive at the destination. As we navigate this changing world
together, the DSTA will show a permanent investment in its
agility, responding to change by innovating wherever possible
and maintaining our close relationship with the market.

Outlook 2023 | 3

Contents
Preface

4

1
1.1
1.2

The economic and budgetary outlook
Economic outlook
Budgetary outlook

6
7
13

2
2.1
2.2

Climate outlook
Climate mitigation
Climate adaptation

15
16
17

3
Funding and issuance
3.1 Looking back on funding in 2022
3.2 Funding plan 2023
3.3	Policy framework debt management 2020-2025

20
21
26
32

4
Primary dealers and secondary markets
4.1	Primary dealers and commercial paper dealers in 2022 and 2023
4.2 Liquidity and secondary markets

33
34
37

Statistical appendix
1
Changes in long-term debt in 2022
2
Interest rate swaps 
3
Key figures on individual bonds in 2022
4
Short-term debt and €STR swaps in 2022

42
43
43
44
46

Photo captions48
Contacts
50

Preface | Outlook 2023 | 4

Preface
It is my pleasure to present to you this year’s Outlook publication: the first
one in my new role as Agent of the DSTA. A perfect moment to look back at
the year so far and look ahead to what is to come.
The war in Ukraine has shown us how vulnerable peace is. The conflict
impacts our daily lives in a number of ways, such as rising prices of energy
and food and a further deepening of pre-existing differences between
various groups in society. As a result, for many of us, this year did not turn
out as we had expected at the start. There is no doubt that next year will be
as difficult to predict as this year, with both minor and significant challenges
along the way.
This year’s theme of the Outlook is Agility. To me, agility means the ability
to adapt to changing circumstances, both at the organisational level and
the individual level. DSTA’s key principles such as consistency and trans­
parency do not naturally match with such ever changing circum­stances.
Yet, as a player on the financial markets we do need to act more swiftly than
ever to execute our mandate of financing the State debt. It is our task to
keep a balance between a large government organisation and the dynamics
of the financial markets in order to do what is best for society.
It is a matter of fact that things keep on changing. Therefore, it is on us to
ensure that we are best prepared to deal with the unknown and then act
appropriately. This requires a well-equipped and well-conditioned
working environment that enables us in every possible way. Being able
to adapt demands resilience. I do realise this might be challenging on a
personal level.

Preface | Outlook 2023 | 5

At the beginning of this year, for example, I could not imagine being
appointed as Agent of the DSTA. Having been in the office since September,
I could not be more proud of the DSTA team and the results we have
achieved in 2022. These accomplishments include the reopening of the
Green bond in June with a renewed EU-taxonomy compliant framework.
We also completed the redemption of our old State Loans, which date as far
back as 1815, in order to prepare for a more digital world. Preparations were
made to get us ready for the Target2-Consolidation (which has been
postponed by the ECB). Finally, we have worked hard to digitalise our
treasury banking system. And, all of this alongside our day-to-day
operations in a market which has been persistently volatile, and a funding
need which appears to be ever changing.
Of course, achieving all this would not have been possible without the
cooperation with our Primary Dealergroup and our investors. We have been
working together to ensure that the Netherlands is best placed to deal with
changing and volatile markets.
As mentioned, agility can be challenging and demanding. I wish you all the
best with the challenges you face and I look forward to working with all of
you in the coming years.
Saskia van Dun
Agent

1 The economic and
budgetary outlook

The economic and budgetary outlook | Outlook 2023 | 7

1.1 Economic outlook
Dutch economy records strong growth in 2022, but slows down in 2023
The Dutch economy has experienced strong growth in 2022. The high
growth in the first half of the year results in an expected growth rate of
4.2% for 2022, according to the Netherlands Bureau for Economic Policy
Analysis (Centraal Planbureau, CPB). Strong export figures (+4.6% in 2022) as
well as substantial investment and private consumption growth in the first
two quarters contribute to this high growth rate in particular. In the second
quarter, the Dutch economy even outperformed all EU countries and the US
by recording the highest quarter-on-quarter growth rate (+2.6%). However,
record-high inflation, in part caused by Russia’s invasion of Ukraine, has
started to take its toll on the Dutch economy. In the third quarter, the
economy contracted modestly (-0.2% q-o-q) according to Statistics
Netherlands (Centraal Bureau voor de Statistiek, CBS). This can mainly be
attributed to a decline in investment (-1.7% q-o-q), as companies are
hampered by tighter financial conditions, labour shortages and increased
uncertainty about the economic outlook. Despite price increases far
exceeding wage growth, private consumption still contributed positively to
growth (+0.1% q-o-q) due to pent-up demand for services accumulated
during the COVID-19 pandemic. Exports also performed well and showed a
growth of almost 1% compared to the second quarter. The underlying
sentiment is changing, however. Worldwide, economies are hit by higher
prices and interest rate hikes and global economic growth is clearly losing
momentum. Compared to many of its peers, the Netherlands has still
performed relatively well (figure 1).
In 2023, the slowdown in economic growth is expected to continue. Dutch
economic growth is forecasted to decline substantially to 0.9% according to
CPB. Although this represents a significant decline compared to 2022,

growth will be higher than the EU average of 0.3%, and substantially higher
than in Germany (-0.6% in 2023) according to the European Commission’s
Autumn 2022 Economic Forecast. Dutch economic growth will mainly be
backed by public expenditure, which is expected to grow robustly in 2023.
Private consumption growth also contributes positively to growth and is
expected to increase compared to the second half of 2022 as an extensive
package of purchasing power measures will be implemented from January
2023 onwards. Exports also still increase, although at a slower pace than in
previous years due to the weak external environment. Investment is
projected to contract as a result of cost increases, labour shortages and a
further tightening of financial conditions.
Figure 1 - GDP volume developments (index with 2019Q4=100, based on
seasonally adjusted data)
110
105
100
95
90
85

2018

2019
Netherlands

Source: OECD, November 2022

2020
Germany

2021
United States

2022
Euro area

The economic and budgetary outlook | Outlook 2023 | 8

Inflation reached record-high levels in 2022, but is expected to decline
in 2023
Inflation remains high, although it did not show any further increases in the
last two months. According to Statistics Netherlands, HICP inflation stood
at 11.3% in November. This represented a significant decline compared to
the inflation level in October (16.8%). Elevated energy (particularly gas)
prices mainly contribute to the high level of inflation. At the same time,
with energy being a key input to many economic activities, price increases
are also observed in other product categories such as food. Core inflation
(inflation excluding energy, food, alcohol and tobacco) is picking up and
stood at 6.2% in November.
High inflation has a strong negative effect on purchasing power, particularly
for lower-income households as energy expenditures account for a
relatively large part of their disposable income. According to CPB, in 2022
and 2023 purchasing power is projected to decrease by around 4% in total
for the median household. The implementation of energy support
measures in 2023 prevents a further decline in purchasing power. Although
the development of energy prices remains highly uncertain, inflation is
expected to show a significant decline next year. CPB projects an inflation
rate (consumer price index) of 3.5%. The decline in inflation can mainly be
explained by the implementation of an energy price cap from January 2023
onwards, which has a strong (although temporary) dampening effect on
inflation.
The economic outlook remains highly uncertain
Uncertainty about the future development of the Dutch and global
economy is high. The development of energy prices in particular remains
highly uncertain. Energy prices declined recently as the weather in autumn
was unusually mild and gas storages reached the EU agreed minimum 80%
gas storage target. However, a cold winter or adverse international
developments could lead to another surge in energy prices. A bright spot

has been the successful reduction of gas consumption in the Netherlands.
From June until November, gas consumption has on average been almost
30 percent lower compared to the same period in the previous three years.
This relatively strong reduction in demand combined with high storages
should ensure that the Netherlands and Europe more broadly survive this
winter without gas supply disruptions.
The uncertainty surrounding the development of energy prices strongly
affects producer confidence. The Dutch manufacturing sector is
experiencing a large decline in new orders. Energy-intensive firms are
affected in particular. At the same time, industries are profiting from better
functioning supply chains and declining material shortages. Investment
goods output is growing, which can partially be attributed to a strongly
performing machine industry. Moreover, industrial employment still
increased in November, clearly signalling trust. Employment also increased
in other sectors, reaching a record-high level in the third quarter. In
addition, vacancy rates and labour shortages have been extremely elevated
during 2022. Although the labour market is showing signs of cooling, it is
still extraordinarily strong. The tight labour market makes it unlikely that
unemployment will rapidly increase in response to the slowdown in
economic growth. In October, the unemployment rate still stood at a low
level of 3.7% according to Statistics Netherlands. For 2023, CPB expects the
unemployment rate to slightly increase to 4.4%, which is still below the
historical average. Given the current very low number of collective labour
agreements with automatic wage indexation, the tight labour market and
inflationary pressures are not giving rise to a wage-price spiral. Although
recent collective labour agreements do show an increase in wage growth
(+3.5% y-o-y in the third quarter according to Statistics Netherlands), this
increase is still substantially lower than the inflation rate.

The economic and budgetary outlook | Outlook 2023 | 9

Table 1 – Key economic figures for the Netherlands (short-term, basescenario)
% change y-o-y

2021

2022

2023

GDP

4.9

4.2

0.9

Household consumption

3.6

5.7

1.1

Government consumption

5.2

0.8

3.5

Investment (including inventories)

2.9

2.5

-0.3

Exports

5.2

4.6

2.4

Imports

4.0

3.7

3.1

Employment (in hours)*

3.3

5.2

0.5

%

2021

2022

2023

Unemployment (% labour force)

4.2

3.6

4.4

Inflation (HICP)*

2.8

11.4

2.5

Inflation (CPI)

2.7

10.0

3.5

Source: CPB, December 2022
* These numbers have not been updated by CPB in December and are based on September
projections (CPB, Macro Economic Outlook 2023, 20 September, 2022).

The economic and budgetary outlook | Outlook 2023 | 10

Comparatively high inflation partly due to
method of calculating energy prices in the
Netherlands
In 2022, Dutch HICP inflation has been substantially higher than the
Eurozone average. This can mainly be explained by the difference in energyinflation (see figures 2 and 3). On average, energy contributed 6.7
percentage points to the overall inflation rate in the Netherlands in 2022
(up and until November), compared to an average contribution of 3.9
percentage points in the Euro area.1 This difference can to a large extent be
explained by the method used to measure and calculate energy prices.

1

In November, the contribution of energy declined substantially in the Netherlands.
This can mainly be explained by the fall in gas and elektricity prices (on a monthly basis).

How does Statistics Netherlands measure energy prices?
Every month, Statistics Netherlands measures the prices of gas and electricity
on the basis of all new energy contracts which can be entered into at that
particular time. However, not all households obtain a new contract at a new
rate at the same time. A substantial number of Dutch households still has a
fixed contract. An actual distribution of the types of contracts and their rates
is not available to Statistics Netherlands. This means that the price
information obtained through the current observation method is in fact
ahead of the average price development of energy for households in the
Netherlands. At times when gas and energy prices are fairly stable, this
observation method provides adequate information. However, in a volatile
energy market with extreme price increases, the observation of only new
contracts and corresponding prices overestimates the average price increase.
Preliminary results of new observation method
Statistics Netherlands acknowledges that the current method should be
updated and has launched a study into a new observation method. As part

The economic and budgetary outlook | Outlook 2023 | 11

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Figure 3 - Contribution to inflation in the Euro area in 2022
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Figure 2 - Contribution to inflation in the Netherlands in 2022
18

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Other energy related factors impacting inflation
Other energy related factors also play a role. The Netherlands still uses a
relatively large quantity of gas in comparison to other European countries.
The rapid increase in gas prices therefore has a larger impact on Dutch
inflation. Another contributing factor relates to the structure of the Dutch
energy market, which is strongly liberalised. As a result, energy companies
can easily and quickly on-charge price increases to Dutch households.
Finally, the Dutch government was relatively late with imposing energy
price caps. In many other countries, gas prices were frozen and energy caps
have been put in place in the course of 2022 or even at the end of 2021,
which has dampened inflation in these countries.

No
v

of this project, data from energy companies covering 75% of the market has
been obtained in order to observe prices of both new and already existing
fixed contracts. This data is currently subject to review and analysis.
According to preliminary results of the study, using the newly obtained data
results in the observation of a significantly lower increase in gas and
electricity prices. In turn, inflation would also be lower than the officially
published figures. For example, in August (the last month for which data is
available), inflation has been overestimated by 2.4 to 4.5 percentage points.
As the data received is subject to review this number is not conclusive yet.

Energy

Food including alcohol and tobacco

Energy

Food including alcohol and tobacco

Non-energy industrial goods
HICP

Services

Non-energy industrial goods
HICP

Services

Source: CBS, December 2022

Source: Eurostat, December 2022

The economic and budgetary outlook | Outlook 2023 | 12

Overheated housing market slows down
Growth in house prices in the Netherlands decreased in October 2022,
marking the sixth month of stagnating price increases. Overall, Statistics
Netherlands still reports a year-on-year price increase of 7.8% in October
2022. Liquidity in the housing market for the first ten months of 2022 was
17% lower compared to the same period in 2021. In line with market
developments, the average new 10-year Dutch mortgage rate rose
substantially to 2.82% in September 2022. Higher mortgage rates make
financing a new house more expensive. The Dutch Association of Realtors
(Nederlandse Vereniging van Makelaars, NVM) therefore signalled a cooling of
the housing market, citing less sales and lower bids amidst a changing
market.

Figure 4 - House prices, indexed with 2015=100
200
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170
160
150
140
130
120
oct-18
dec-18
feb-19
apr-19
jun-19
aug-19
oct-19
dec-19
feb-20
apr-20
jun-20
aug-20
oct-20
dec-20
feb-21
apr-21
jun-21
aug-21
oct-21
dec-21
feb-22
apr-22
jun-22
aug-22
oct-22

110

An important consequence of the higher mortgage rates and comparatively
high prices is that housing inequality increases. Starters on the housing
market face higher monthly mortgage expenses, and the flow from
regulated rent to the non-regulated sector or to a house purchase is
impeded. The national building plan (Nationale Woon- en Bouwagenda) aims
to increase the housing supply by 900.000 units in the period up to 2030.
An example of a measure included is the abolition of the landlord tax on
social housing in 2023, freeing up to € 1.7 billion in capital for housing
corporations to invest in housing development.

Source: CBS, November 2022

The economic and budgetary outlook | Outlook 2023 | 13

1.2 Budgetary outlook
Budget deficit narrows in 2022, but increases in 2023
In 2022, the general government budget is forecasted to reach a deficit of
1.0% of GDP, which is substantially lower than in the previous two COVID-19
years. The deficit also turns out to be lower than projected at the beginning
of the year because of increased tax income, incidental gas revenues and
lower than projected expenses due to labour shortages. The deficit is
expected to increase in 2023 as government expenditure will rise to support
purchasing power.2 The 2023 Budget Memorandum, presented in
September, included multiple structural support measures such as an
increase in the minimum wage, an increase in rental and child allowances
and a decrease in taxes on labour income. Moreover, the government also
presented various temporary measures which specifically provide
protection against high energy costs, the most important of which is a price
cap on gas and electricity. Energy-intensive small and medium-sized
enterprises (SMEs) and multiple semipublic organisations (such as schools
and cultural and societal organisations) will also be financially supported.
These expenses will partially be covered by windfall taxes for gas and oil
companies and other (inframarginal) electricity producers that are making
high profits because of the elevated electricity prices. Additional coverage
amounting to € 7.3 billion will be decided upon no later than June 2023.
Through offsetting the expenditures with increased revenues, a
strengthening of price pressures will be avoided.

Public debt declines and is low in comparison to peer countries
The public debt level of the Netherlands remains robust despite the
uncertain and challenging economic conditions. The November update of
the Budget Memorandum 2023 forecasts EMU-debt to stand at 50.4% of
GDP in 2022. This represents a decrease compared to 2021 as high inflation
has reduced the debt-to-GDP ratio. Whereas in September, the Dutch
government still expected public debt to decline in 2023, new energy
compensation measures that have been announced since could lead to a
slight increase of the debt-to-GDP ratio next year. Budgetary decisionmaking during 2023 will provide more clarity on this situation. The debt
level is still expected to remain well below the 60% of GDP threshold
agreed at in the European Stability and Growth Pact. Moreover, public debt
is also significantly lower than the euro area average of 94.2% (figure 5).
Both the forecasted EMU-balance and EMU-debt are subject to uncertainty.
The development of energy prices has a particularly large impact on the
public finances of the Netherlands, as it will determine the government’s
expenditure on the price cap on gas and electricity. Moreover, the level of
inflation may also impact the budgetary figures via its effect on nominal
GDP (the “denominator effect”).
Table 2 – Key budgetary figures for the Netherlands (% GDP)
2021

2022

2023*

EMU-balance

-2.5

-1.0

-3.0

EMU-debt

52.1

50.4

49.5

Source: Ministry of Finance, November update of Budget Memorandum, 21 November 2022

2

The latest official projection by the Dutch government which has been published in
September expects a deficit of 3% of GDP in 2023. However, this number does not
include some of the more recently announced energy support measures.

* Forecast for 2023 is based on Ministry of Finance, Budget Memorandum – 20 September 2022.
However, these numbers do not include some of the more recently announced energy support
measures.

The economic and budgetary outlook | Outlook 2023 | 14

Figure 5 - Government gross debt-to-GDP ratio (in %) for Q2 2022
160
140
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100
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40
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Source: Eurostat, November 2022

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Medium-term outlook
In addition to tackling current challenges such as the energy crisis, it is also
important to remain aware of the risks and uncertainties for future
generations. Climate change, ageing of the population and (international)
security are seen as priorities by the Dutch government and various
measures are currently being taken to tackle these issues. These include,
among other things, the establishment of a climate fund, the conclusion of
an Integrated Healthcare Agreement and the strengthening and
modernisation of the Dutch armed forces. As a result of these
comprehensive investments, the EMU-balance will temporarily worsen.
Increasing interest rates also represent a budgetary challenge in the
medium term. The government will present structural coverage for these
expenses in Spring with its new update of the Budget Memorandum. In this
way, increased interest rates expenses will not run into public debt and
burdens are not passed on to future generations. The EMU-debt level is
projected to stay below the 60% of GDP threshold in the coming years,
clearly showing the sustainability of Dutch public finances.

2 Climate outlook

Climate outlook | Outlook 2023 | 16

2.1 Climate mitigation
The Dutch government is committed to reducing the greenhouse gas (GHG)
emissions in the Netherlands by 55% in 2030 compared with 1990 levels
(aiming for 60% to have some leeway) and to be carbon neutral by 2050.
To monitor the progress and assess the policy mix, the independent
Netherlands Environmental Assessment Agency (Planbureau voor de
Leefomgeving, PBL) is tasked with annually taking stock of the path of GHG
reduction. Its most recent report, the Klimaat- en Energie Verkenning (climate
and energy outlook), was published on 1 November. The report shows that
the current policy mix will lead to a reduction of 39-50% of GHG in 2030.
The current policy mix is estimated to reduce GHG emissions by 4358 megatons over the 2021-2030 period. To achieve the 55% reduction as
required per the coalition agreement, a further reduction of 12-36 megaton
GHG is needed. Recently announced measures such as the adjustments to
energy taxes, making social real estate more sustainable, and tailored
agreements with large emitters are not yet included in this figure. These
measures are expected to add an estimated reduction of around 5-6
megaton GHG, to bring the overall reduction to 41-52%.
Falling short of the stated ambition means the government will need to take
additional steps to further reduce GHG emissions, for example by further
detailing plans already announced or by announcing new measures. The
government will analyse what available options could help achieve the 55%
reduction. After publication of this analysis, around Spring 2023, the
govern­ment will propose additional measures as part of the regular
budgetary cycle in the first half of next year. EU-driven plans such as
REPowerEU and Fit for 55 may also create additional reduction in due course.

Climate outlook | Outlook 2023 | 17

2.2 Climate adaptation
Climate adaptation is aimed at improving adaptive capacity, strengthening
resilience and reducing vulnerability. Roughly 60 percent of the Netherlands
is prone to flooding, either from rivers or the sea. Hence, flood risk
management is absolutely crucial to our existence, as it has been for
centuries. The Netherlands has a long-standing experience with water
management and strong institutions in place to face these challenges. The
flood risk management system is continuously improved and honed taking
into account the results of long-term climate scenarios modelled by the
Royal Netherlands Meteorological Institute (Koninklijk Nederlands Meteoro­
logisch Instituut, KNMI) and updated in seven-year intervals with the next
update scheduled for 2023.
Apart from flood risks, the Netherlands is also experiencing the effects of
climate change. The increasing number of heat waves in Europe, torrential
rain and droughts provide new challenges, which are effectively addressed
through the Delta Plan on Spatial Adaptation and the government-wide

National Adaptation Strategy since 2016 and 2018 respectively. The Delta
Programme focusses on three tasks to make the Netherlands climate-proof
and water robust by 2050: flood risk management, fresh water supply and
spatial adaptation. The programme consists of concrete investment and
maintenance targets to consistently work towards this goal. In the past few
years, significant steps have been taken through the Delta Programme to
accelerate and intensify the approach to climate change adaptation and
flood risk management. An average of € 1.25 billion a year has been
earmarked for the Delta Fund up to 2032.
As the effects of climate change become more prominent all over the world,
the Delta commissioner reiterated in his latest annual report (Delta
Programme 2023) the importance of acting swiftly and that the time for
freedom of action is over. In its response, the government endorsed the work
done by the Delta commissioner, and stated it is working on additional policies
and concrete measures to make sure the Netherlands will be climate-proof
and water robust by 2050 (and beyond). That way the Netherlands remains
the safest delta in the world – as it has been for many decades.

Climate outlook | Outlook 2023 | 18

DSTA looking to issue a new Green bond in 2023
In the 2022 Outlook, the DSTA announced the reopening of the existing
Green DSL 0.50% 15 January 2040. The reopening was done through the
Dutch Direct Auction (DDA)-format on 14 June 2022.. An amount of € 4.98
billion was raised during the auction, bringing the total outstanding amount
to € 15.7 billion. This larger outstanding amount will help the liquidity of a
bond favoured by buy-and-hold investors.
Accompanying this reopening, the initial 2019 Green Bond Framework was
updated to take into account the various developments in the green bond
market, most noticeably the publication of the first two delegated acts of
the EU Taxonomy. The updated Green Bond Framework is the first
framework of a sovereign issuer that so closely aligns with the EU
Taxonomy. The independent second-party opinion provider Sustainalytics
has concluded that the updated Green Bond Framework is credible and
meaningful. The investment expenditure categories included in this Green
Bond Framework are in line with the core elements of the Green Bond
Principles from the International Capital Market Association (ICMA). In
addition, the Green bond has been certified by the Climate Bonds Initiative.
For 2023, the DSTA is looking to launch a new Green 20-year DSL by means of
a DDA. The Framework updated in 2022 will form the basis of this bond. The
exact timing and size will be decided at a later stage in consultation with the
DDA-advisors appointed for this DSL and our Primary Dealers.
In the near term, the DSTA would like to remain active within the green bond
space and will therefore look into possibilities to further expand its green bond
issuances. In addition, the DSTA will always be looking into exploring other
types of issuances to be used in the future. The importance of the role
of public issuers in developing new products does not need to be under­
estimated, and the DSTA feels obliged to explore its role in this process.

Climate outlook | Outlook 2023 | 19

Coordinated European response to
energy challenges
In the aftermath of the Russian invasion of Ukraine on 24 February 2022,
the European Union provided a number of coordinated actions to deal with
energy-related challenges. Not only do these actions aim to reduce the
dependency on Russian fossil fuels, but they also aim to support climate
change mitigation. A broad set of measures has been implemented, ranging
from safeguarding access to energy in winter, avoiding external influence
on storage infrastructure, behavioral measures, digitalisation of the energy
system and financial measures.
In September 2022, the Russian share of pipeline gas imports to the EU was
9% which is a strong decrease from 40% in April 2021. The Russian share of
total gas imports shows a similar decrease from 45% in April 2021 to 15% in
September 2022.
Responses in more in detail
• The REPowerEU-plan presented by the Commission on 8 March with
further detailed plans announced on 18 May: aims to reduce the
dependency on Russian fossil fuels as soon as possible by accelerating
the transition to clean energy and bundling forces to reach a more
resilient energy system, including the establishment of an EU Energy
Platform. Given the desired transition to clean energy, the plan also
amends the existing Fit for 55-package setting by e.g. increasing the
headline 2030 target for renewables from 40% to 45%.

• Gas storage regulation proposal, presented on 23 March 2022 and
adopted on 27 June 2022: raises the minimum storage level to at least
80% before the winter 2022/2023 and to 90% before the following winter
periods; regulates access to gas storage reserves for member states who
do not have storage facilities and imposes more strict supervision on
storage operators.
• Gas demand reduction regulation proposal and plan (Safe Gas for a Safe
Winter), adopted on 5 August 2022: sets a target of 15% voluntary
reduction of gas use by member states between 1 August 2022 and 31
March 2023.
• Emergency measure on high electricity prices, political agreement
reached on 30 September 2022: comprises a mandatory reduction of
electricity consumption at peak hours; imposes a solidarity contribution
on fossil fuel companies and sets a cap on market revenues for
inframarginal generators.

3 Funding and issuance

Funding and issuance | Outlook 2023 | 21

3.1 Looking back on funding in 2022

Figure 6 - Dutch curve at the start of every quarter in 2022 (yield in %)
3,0

In December 2021 the DSTA estimated its preliminary funding need for 2022
to be an amount of € 74.5 billion. This estimate was surrounded by a high
degree of uncertainty due to the development of the COVID-19 crisis and
the economic recovery. Furthermore, the plans of the then new government
were unknown at that time. It was announced that the capital market
issuance would be approximately € 45 billion. Due to the stronger than
expected economic recovery from the COVID-19 pandemic and higher tax
revenues, the estimate of the funding need for the Dutch State decreased
during the year to an amount of € 62.7 billion. Consequently, the call on the
capital markets was revised slightly downwards to between € 40 and € 45
billion.
The DSTA continued to ensure liquidity across the curve by creating a
balance between the call on the capital market and the money market in
2022. Issuances in 2022 have contributed to the DSTA’s goal to lengthen the
average maturity of the debt, swap and cash portfolio towards a minimum
of eight years in 2025.
The interest rate environment for Dutch debt on both the capital and the
money market changed rapidly in the course of 2022. Figure 6 shows the
Dutch curve throughout the year with the yield curve rising from negative to
positive in the first quarter and continuing to rise in the second and third
quarter. While interest rates moved significantly during the year following
market developments and monetary operations, the DSTA was able to
obtain competitive auction results. The DSTA remained committed to its
core values: transparency, consistency and liquidity in executing its funding
plan while being flexible when needed.

2,5
2,0
1,5
1,0
0,5
0,0
-0,5
-1,0

6M 2Y

3Y

4Y

1-1-2022
1-4-2022
Source: Bloomberg, October 2022

5Y

6Y

1-7-2022
1-10-2022

7Y

8Y

9Y 10Y 15Y 20Y 25Y 30Y

Funding and issuance | Outlook 2023 | 22

Capital market issuance
The DSTA started off the year in January with the launch of the new DSL
0.00% 15 January 2026 through an MTS-auction. Including the non-comp
option that was exercised in its entirety, an amount of € 5.41 billion3 was
raised at an average yield of -0.33%. Also in January the DSL 0.00% 15
January 2052 was reopened which raised € 1.98 billion. On 15 February the
new 10-year benchmark bond, the DSL 0.50% 15 July 2032, was launched by
way of a DDA. In this DDA an amount of € 5.95 billion was issued at a yield
of 0.57%. At closing of the DDA, the bids in the book had reached € 19.8
billion, resulting in a bid-to-cover ratio of 3.34. Of the total amount
allocated 77% went to real money accounts and 23% went to 'other' or so
called fast money accounts. Furthermore, in March the DSTA reopened the
DSL 0.00% 15 January 2029 and after consultation with its Primary Dealers
the DSL 0.75% 15 July 2028 which raised a total amount of € 4.59 billion.
The DSTA announced in its Q2 Quarterly Outlook that several developments
could have a substantial impact on the funding need, including higher energy
prices and the Dutch coalition agreement. The exact impact of these
developments on the Dutch economy and the budget was however still
uncertain. Therefore no revision of the funding need for 2022 was presented
in the Q2 Outlook. On 12 April the DSTA reopened the DSL 0.00% 15 July 2032
after the initial issuance earlier in the year, bringing the total outstanding
amount to € 8.47 billion. Furthermore, in May the DSTA reopened both the
DSL 0.00% 15 January 2026 and the DSL 0.00% 15 January 2052 which raised
in total € 4.42 billion. In June the DSTA also had a grand reopening of the DSL
Green 0.50% 15 January 2040. Because of the larger than usual auction size,
this reopening took place by means of a DDA. An amount of € 4.98 billion at a
3

Where in this paragraph the amount raised is mentioned, this includes the non-comp
facility that can be exercised by the Primary Dealers. This facility is capped at 15% of the
amount issued at the auction and when exercised increases the final volume of the
capital issuance until 3 business days after the auction.

Funding and issuance | Outlook 2023 | 23

yield of 2.15% was raised in the DDA bringing the total outstanding amount
of this Green DSL to € 15.69 billion. The final book consisted of bids
amounting to € 13.87 billion, resulting in a bid-to-cover ratio of 2.78. Of the
total allocated size 21% went to ‘green real money’ accounts, 48% to ‘real
money’ accounts and 31% to ‘other’ accounts.

average yield of the issuances in 2022 was 1.20%. This is a significant
increase in comparison with the previous years as can been seen in figure 8.
The actual cash inflow from these issuances however was around € 3 billion
lower than the nominal amount, due to below par issuances.
Figure 7 - Cumulative capital market issuance in 2022 (€ billion)

In the Q3 Quarterly Outlook the DSTA announced that the call on the capital
markets was revised downwards to € 40 to € 45 billion. The main reason for
this development was the decreased cash deficit due to the stronger than
expected economic recovery from the COVID-19 pandemic and higher tax
revenues due to increased levels of inflation. In the third quarter, the DSTA
reopened the DSL 0.50% 15 July 2032 for the second time which raised € 2.3
billion bringing the total outstanding amount to € 10.75 billion. On 27
September a new 30-year DSL, the DSL 2.00% 15 January 2054, was
launched by means of a DDA. This new bond raised € 4.95 billion at a yield
of 2.33%. The final book consisted of bids amounting to € 16.69 billion,
resulting in a bid-to-cover ratio of 3.37. Of the total amount allocated 73%
went to real money accounts and 27% went to 'other' or so called fast
money accounts.
The DSTA announced in its Q4 Quarterly Outlook that the expected funding
need for 2022 was further decreased to € 62.7 billion. The main reasons for
the lower funding need were higher than expected tax revenues and
windfalls in expenditures for COVID-19. The call on the capital markets in
2022 remained at an amount of € 40 to € 45 billion. In October the DSTA
reopened the DSL 0.00% 15 January 2029 which raised € 2.41 billion.
Furthermore, in November the DSTA reopened the DSL 0.50% 15 July 2032
again, bringing the total outstanding amount to € 13.61 billion. Also, the
DSTA reopened in November the DSL 0.00% 15 July 2031 which raised € 1.70
billion. In the end, the total capital market issuance in nominal terms in
2022 (up to and including November) was € 44.09 billion. The weighted

€ 50
€ 45
€ 40
€ 35
€ 30
€ 25
€ 20
€ 15
€ 10
€5
€0

JAN

FEB MAR APR MAY JUN

JUL

AUG SEP

OCT NOV DEC

Tap auctions existing DSLs

DSL January 2026 (new issuance)

DSL July 2032 (new issuance)

DSL January 2040 (Green)

DSL January 2054 (new issuance)

Funding and issuance | Outlook 2023 | 24

Figure 8 - Yearly average yield of capital market issuances 2018 – 2022
(€ billion)
1,4%

€ 70

1,2%

€ 60

1,0%

€ 50

0,8%

€ 40

0,6%

€ 30

0,4%
0,2%

€ 20

-0,0%

€ 10
€0

-0,2%
2018
Volume

2019

2020

2021

2022

-0,4%

Average yield

Money market
The DSTA uses various funding instruments in the money market. Corner­
stone of these instruments are the Dutch Treasury Certificates (DTC). The
money market historically serves as a buffer when it comes to
accommodating changes in the funding need throughout the year. The
DSTA had regular money market issuances through its DTC programmes
where auction dates typically contain both a shorter-dated programme and
a longer-dated programme. DTC programmes were issued at negative
yields until mid-2022 when interest rates became positive. Throughout
2022 the European Central Bank (ECB) has repeatedly increased the interest
rates in order to dampen demand and guard against the risk of a persistent
upward shift in inflation expectations. These increases have raised interest
rates of the money market including those of the DTC.

Funding and issuance | Outlook 2023 | 25

Figure 9 shows a slight decrease of the outstanding amount of DTCs over
the course of 2022. Until 12 December 2022, the weighted average yield in
the auctions was 0.19%. Compared with previous years this is a significant
increase as can been seen in figure 10.

Figure 10 - Yearly average yield of money market issuances 2018 – 2022
(€ billion)
100
90

0,30%
0,19%

80

0,08%

70

-0,03%

60

-0,14%

50

-0,25%

35

40

-0,36%

30

30

-0,47%

20

-0,58%

10

-0,69%

Figure 9 - Amounts outstanding in Dutch Treasury Certificates in 2022
(€ billion)

25

0

20
15

Volume

10
5

20
22
20
01
22
-0
401 202
2
-0
520
01
22
-0
601 202
2
-0
720
01
22
-0
820
01
22
-0
901 202
2
-1
020
01
22
-1
101 202
2
-1
220
22
03
-

01
-

02
-

01
-

-0

1-

20

22

0

01

2018

2019

2020

2021

2022

-0,80%

Average yield

In addition to DTCs, the Global Commercial Paper programme continues to
be an important instrument for the DSTA. The programme adds flexibility
since maturity, currency of denomination and timing of the issuance can be
tailored to specifically suit both the investors and the DSTA. Global
Commercial Paper is issued as:
• Euro Commercial Paper (ECP), available for non-US investors and issued
in euros, US dollars, British pounds, Swiss francs and Norwegian kroner;
• US Commercial Paper (USCP), available for US investors and issued in
US dollars.
In 2022 (up to the end of November) the DSTA issued around € 41 billion in
ECP and USCP, compared to € 39 billion in 2021, € 63 billion in 2020,
€ 108 billion in 2019 and € 180 billion in 2018. The majority of this year’s
issuance was in US dollars (45% of the total amount). The Global Commercial
Paper programme, with different kinds of investors and appetite for different
maturities, has proven to be of value to the DSTA and its investors.

Funding and issuance | Outlook 2023 | 26

3.2 Funding plan 2023
Funding need
The preliminary funding need for the DSTA in 2023 is estimated to amount
to approximately € 100 billion. However, this estimate is surrounded by a
high degree of uncertainty due to several factors that impact government
finances, such as the cap on energy prices, projected inflation and a
slowdown in economic growth.
The borrowing requirement for the DSTA consists of three main
components. Firstly, it is determined by the redemptions of long-term debt
instruments. In 2023, there are two maturing DSLs which need to be
refinanced for an amount of € 31.6 billion. Secondly, short-term debt
instruments outstanding at the end of 2022 will roll over to 2023 and thus
need to be refinanced. The net money market ultimo 2022 (being the
outstanding short-term debt instruments minus cash deposits held at the
central bank and in the market) is estimated to amount to € 36.3 billion. The
expected cash deficit for 2023 being an amount of € 33.6 billion makes up
the third main component of the borrowing requirement. Given the current
uncertainty regarding one specific aspect of the budget, a further
breakdown is provided for the cash deficit. In the 2023 Budget
Memorandum the deficit was estimated at € 26.3 billion. In addition, an
indicative amount of € 7.3 billion is taken into account as the budgetary
impact in 2023 of the energy price measures including an additional price
adjustment for the (semi)collective sector because of inflation. The energy
price measures, including a temporary price cap, were announced after the
publication of the Budget Memorandum in September 2022. This increases
the aggregate cash deficit for 2023 to € 33.6 billion. Combined, these
amounts result in a preliminary borrowing requirement for 2023 of
approximately € 100 billion, as illustrated in Table 3. The budgetary impact

of the energy price measures is dependent on the development of the
energy prices and the actual energy need in this period and therefore is
extremely uncertain. By no later than June 2023, the government will decide
to what extent the energy price cap and the inflation adjustment are
covered under the existing budget in 2023.
Table 3 - Estimated borrowing requirement for 2023
Estimated borrowing requirement

Amount (€ billion)

Capital market redemptions 2023

31.6

Net money market ultimo 2022 (excluding cash collateral)

36.3

Aggregate cash deficit 2023*

33.6

Consisting of:
Deficit based on 2023 Budget Memorandum

26.3

Indicative impact energy price measures and price
adjustment for (semi)collective sector

7.3

Total borrowing requirement 2023

101.5

* A cash deficit is shown as a positive number as it increases the total borrowing requirement

At the beginning of January 2023 we will communicate a first update of the
borrowing requirement to reflect the net money market ultimo 2022.
Distribution between capital and money market issuances
The DSTA continues to ensure liquidity across the curve by creating a
balance between the call on the capital and the money markets in 2023.
Issuances in 2023 will continue to contribute to the DSTA’s goal to lengthen
the average maturity of the debt, swap and cash portfolio towards a
minimum of eight years in 2025. The DSTA intends to have the average
maturity of the portfolio at the end of 2023 at a minimum level of 7.9 years.
Given the estimated borrowing requirement of approximately € 100 billion,

Funding and issuance | Outlook 2023 | 27

the DSTA foresees issuances of DSLs on the capital market for an
approximate (nominal) amount of around € 50 billion. If the funding need
turns out to be higher or lower than currently estimated, the DSTA could
increase or reduce the call on both the money and capital markets.
Capital market issuance in 2023
The aforementioned call on the capital market of around € 50 billion (in
nominal amount) will consist of the following issuances (Table 4):
1. A new 10-year benchmark bond, the DSL 15 July 2033, will be launched
by means of a DDA in February 2023. The DSTA is committed to bring the
outstanding volume of this bond to a minimum of around € 12 billion by

the end of the year. If there is sufficient market appetite, the size of this
new benchmark bond may also further increase. The exact timing of the
launch will be decided upon in consultation with the DDA-advisors
appointed for this DSL and the Primary Dealers.
2. The DSTA will launch a new Green 20-year DSL by means of a DDA. The
in 2022 updated Green Bond Framework will form the basis for the
allocation of proceeds of this bond. The exact timing and size will be
decided at a later stage in consultation with the DDA-advisors appointed
for this DSL and the Primary Dealers.
3. A new 7-year benchmark bond will be launched through the MTS
platform (which is also used for tap auctions). The DSTA is committed to

Funding and issuance | Outlook 2023 | 28

increase the outstanding volume of this bond to around € 12 billion
within 18 months after the initial issuance. This means the DSTA intends
to use a slightly longer period to fulfil this commitment compared to the
regular 12 months for bonds with a maturity of less than 10 years.
4. The DSTA will reopen the DSL 15 January 2026 in the first half year of
2023. On 11 January 2022, the DSTA launched the DSL 15 January 2026.
The outstanding amount in this bond currently stands at € 8.3 billion.
The DSTA is committed to increase the outstanding volume of this bond
to a size of around € 12 billion within 18 months after the initial issuance.
5. In order to be able to accommodate market demand and in line with the
DSTA’s goal to ensure and promote liquidity across the curve, the DSTA
opts to leave an amount of € 21 billion of the call on the capital market
undetermined for now. The DSTA has the option to reopen DSLs in all
maturity buckets, irrespective of the already existing outstanding
volumes. Moreover, the DSTA could also decide to issue more than the
indicated volumes in the benchmark DSLs that are to be launched in
2023 and in the DSL 15 January 2026. The DSTA will consult the Primary
Dealers on the choices regarding these issuances.

Due to the possible introduction of new so-called collective action clauses
(CACs), the DSTA may update the terms for DSLs which are newly issued in
2023. The exact introduction date of the new CACs is currently not clear as it
depends on the full ratification of the European Stability Mechanism Treaty
Amendments in all Eurozone Member States. The introduction was
expected to take place in 2022, however the full ratification process has not
been completed in all Member States as of the publishing date of this
Outlook. As and when a new DSL is launched to which the new clauses
apply, the DSTA will indicate in the accompanying conditions which CACs
apply to that DSL. See our website English.dsta.nl/subject/cacs for further
information on the clauses.

Funding and issuance | Outlook 2023 | 29

Table 5 – DSL calendar for the first quarter of 2023

Table 4 – DSL issuance in 2023
DSL issuance

Indicative amounts (€ billion)

Auction date

Details

Target volume (€ billion)

New 10-year DSL 2033

12

10 January 2023

Tap of the DSL 15 January 2026

2.5 - 3.5

New Green 20-year DSL

5

24 January 2023

Tap of an existing DSL

To be announced*

New 7-year DSL

8

2 auctions in
February 2023

The following bonds are scheduled to be launched in February 2023

Reopening DSL Jan 2026

4
21

New 10-year bond: DSL 15 July
2033

4-6

DSL - To be determined
Total DSL funding

50

Tap of an existing DSL

To be announced*

14 March 2023

Tap of an existing DSL

To be announced*

28 March 2023

Tap of an existing DSL

To be announced*

Traditionally, DSL auctions are scheduled on the second and fourth Tuesday
of the month. In the first quarter of 2023 all six auction dates will be used.
The DSTA will start the year with a tap auction of the DSL 15 January 2026
on 10 January 2023 with a targeted volume of € 2.5 to € 3.5 billion.
Moreover, the DSTA will launch the new 10-year DSL (the DSL 15 July 2033)
by means of a DDA in February. The exact date of the auction will be
announced at a later stage.
All other possible issuance dates in this period will be used to reopen
existing DSLs. Due to the increased market volatility the exact details of the
DSLs to be reopened will be decided in consultation with our Primary
Dealers. The details will be announced on the Wednesday prior to the issue
dates. Issuance calendars for the remainder of the year will be published
shortly before the start of a new quarter.

* Target volume and other details will be announced at a later stage, but no later than the
Wednesday prior to the auction date (t-6).

Money market issuance in 2023
The DSTA will regularly issue DTCs on the money market. The schedule for
2023 follows a similar pattern as in previous years, where auction dates
typically contain both a shorter-dated programme and a longer-dated
programme. The DSTA holds the right to make any adjustments to the
calendar warranted by market developments. These will be announced in a
timely manner by the DSTA.
Auctions are held on the first and third Monday of the month. The only
exception is the first auction in January, which has been postponed by one
week due to its proximity to New Year’s Eve.

Funding and issuance | Outlook 2023 | 30

Similar to previous years, there will be no DTC-programme maturing in
December 2023 as this appears to be a less attractive programme for many
market participants. Moreover, to better meet investor demand at month
end, DTC programmes do not mature on the last business day of the
month, but the second-to-last business day. This means for example that
the June 2023 DTC programme will mature on 29 instead of 30 June.

Table 6 – DTC calendar for the first quarter of 2023
Auction date

Settlement date

Shorter-dated
programme

Longer-dated
programme

9 January 2023

11 January

30 March

30 May

16 January 2023

18 January

27 April

29 June

6 February 2023

8 February

30 May

28 July

20 February 2023

22 February

27 April

28 July

6 March 2023

8 March

29 June

30 August

20 March 2023

22 March

30 May

30 August

Note: announcement of all auction details is on the Wednesday prior to the auction date (t-5).

Funding and issuance | Outlook 2023 | 31

Resilience and Recovery Facility
On 8 September 2022 the Dutch recovery and resilience plan (RRP) received
a positive assessment from the European Commission, after which the plan
was adopted during the ECOFIN Council on 4 October 2022. The Dutch RRP
is a national program of reforms and investments that contributes to a
more resilient, sustainable and innovative Dutch economy. The plan
comprises 21 reforms and 28 investment measures aimed at the
government’s priority themes, such as housing and the labour market. RRP
funds will also be invested in digital transformation, education and
healthcare.
The Recovery and Resilience Facility (RRF) was instituted by the European
Commission to help the EU emerge stronger and more resilient from the
COVID-19 pandemic. Under the RRF, Member States could apply for loans
and grants. The Netherlands formally submitted its RRP for a grant on 8 July
2022. Based on its change in real GDP in 2020 and 2020-2021, an amount of
€ 4.7 billion has been reserved for the Netherlands. The Netherlands aims
to submit a first payment request of € 1.4 billion during the third quarter
of 2023.
Nearly half of the investments contribute to the green transition and 44%
of the investments contribute to the REPowerEU objectives pursuant to
which the European economy becomes more sustainable and less
dependent on Russian fossil fuels. Of the investments, 26% will support the
digital transition. Additionally, the Dutch RRP substantially addresses the
European Commission’s country specific recommendations the Netherlands
received in 2019, 2020 and 2022. All reforms and investments have to be
implemented by August 2026. The measures in the Dutch RRP are divided
over six categories that reflect political priorities for the Netherlands. See
below for an exemplary measure per priority.

Overview of priorities and example projects
1. Promote the green transition: Green power of hydrogen (investment,
€ 68.5 million) aims to accelerate the application of hydrogen in amongst
others the chemical industry, transport and heavy industry.
2. Accelerate the digital transformation: European Rail Traffic Management
System (investment, € 149 million) aims to replace the current train
management safety system by the new, digital European standard. The
instalment of ERTMS enables more cross-border railway investments.
3. Improve the housing market and make the built environment more
sustainable: Housing construction impulse (investment, € 538 million)
aims to accelerate the construction of affordable houses in the
Netherlands.
4. Strengthen the labour market, pensions and future-proof education:
Disability insurance for self-employed (reform) aims to make disability
insurance obligatory for the self-employed.
5. Strengthen the public health sector and pandemic readiness: Extension
intensive care (investment, € 91 million) aims to extend the intensive care
capacity in 67 hospitals by educating nursing personnel and making
architectural adaptations.
6. Address aggressive tax-planning and money laundering: Anti-money
laundering policy (reform) aims to combat money laundering by i) raising
barriers for criminals to launder money, ii) increasing the effectiveness of
oversight, iii) strenghtening investigation and prosecution.

Funding and issuance | Outlook 2023 | 32

3.3	
Policy framework debt management
2020-2025

The purpose of the DSTA’s policy framework on debt management is to
finance debt at the lowest possible cost at an acceptable risk to the budget.
The 2020-2025 framework will be evaluated in its entirety in 2026 and will
be internally reviewed every other year, allowing for adjustments if
necessary. The first internal review was carried out in 2021 and the second
internal review will be conducted in 2023. With the 2020-2025 framework,
the DSTA has allowed for more flexibility in order to respond to changing
circumstances, whilst adhering to its core principles of consistency,
transparency and liquidity.
Interest rate risk indicators
The policy framework contains two interest rate risk indicators:
• The average maturity of the debt portfolio, which is defined as the
average time to refixing interest rates of debt, swaps and cash. This
average maturity will be extended to a minimum of 8 years by the end
of 2025.
• The 12-month refixing amount, which is defined as the nominal amount
of debt, swaps and cash on which interest rates need to be refixed within
the next twelve months. The annual average of this amount cannot
exceed 25% of the State debt.
The average maturity of the debt portfolio limits the cumulative interest
rate risk over all future years, contributing to multi-annual stability of
interest rate costs. Additionally, the cap on the 12-month refixing amount
prevents too much concentration of interest rate risk in single years.

Table 7 – Targets and realisations of the DSTA’s risk indicators in the 20202025 framework
Realisation 2022
(forecast)

Target 2023

Average maturity (end of year)

8.1

A minimum of
7.9 years

12-month refixing amount (% State debt)

16.0%

At most 25%

Since the introduction of the 2020-2025 framework in 2019, the funding
need as well as the level of debt have significantly increased due to
COVID-19. Despite these challenges, the DSTA has been able to finance all
the necessary amounts while operating within the interest risk limits. Over
2022, the average maturity of DSTA’s portfolio lengthened by about
0.2 years from 7.9 years ultimo 2021 to an expected 8.1 years ultimo 2022.
The DSTA annually defines its yearly maturity target based on market
circumstances, the development of the funding need and the debt
composition. The average maturity should be a minimum of 8 years by
2025. The DSTA aims to reach a minimum average maturity of 7.9 years by
the end of 2023 because of the uncertainty regarding the development of
the funding need.
In 2020 and 2021, the DSTA has been unwinding receiver swaps in order to
decrease the 12-month refixing amount. The DSTA also prematurely
terminated a limited amount of residual receiver swaps in 2022 to phase
out its legacy receiver swap portfolio. The DSTA expects to continue
unwinding receiver swaps in 2023.

4 Primary dealers and
secondary markets

Primary dealers and secondary markets | Outlook 2023 | 34

4.1 Primary dealers and commercial paper
dealers in 2022 and 2023

Since 1999, the DSTA uses Primary Dealers (PDs) for the promotion and
distribution of DSLs and DTCs in both the primary and secondary market of
Dutch government debt. PDs are selected for a period of one year and are
bound by the PD conditions. First and foremost, PDs have the exclusive
right to participate in all auctions of the DSTA, including DDAs, tap auctions
and DTC tenders. In addition, access to the DSTA’s repo facility for DSLs and
DTCs is reserved to PDs. At the same time, PDs are obliged to provide
continuous bid and offer prices for Dutch government securities and must
report periodically on their secondary market activities. In case of severe
misconduct by a PD, the DSTA is entitled to suspend the rights of this PD.
Residual short-term funding needs are met through the issuance of
Commercial Paper (CP). For these issuances, the DSTA uses Commercial
Paper Dealers (CPDs). CPDs are divided into Euro Commercial Paper and US
Commercial Paper Dealers.
Developments and ranking in 2022
PDs and CPDs are selected based on their performance in the relevant
markets for Dutch State securities in previous years. In addition, the DSTA
analyses the business plans and ambitions submitted by the (prospective)
dealers. The DSTA ranks its PDs based on a duration weighted system for
primary issuance. Weighting factors are assigned in relation to the DSL
maturities. The DSTA believes that a weighted issuance ranking provides
the right incentives for PDs to achieve a balanced demand for DSLs across
different maturities. Furthermore, the weighted issuance method optimally
reflects the performance and commitment of a PD vis-à-vis the DSTA, given
that bonds with a higher duration entail more risk for a financial institution
and face more challenging market circumstances than shorter-dated bonds.

Primary dealers and secondary markets | Outlook 2023 | 35

In contrast, DTC rankings are based on unweighted primary market
volumes in euro equivalents. Table 8 shows this year’s top performers in
DSLs and DTCs. In the ECP and USCP markets Rabobank performed best
in 2022.

Table 9 – List of the DSTA’s dealers in 2023, in alphabetical order
Name Bank

PD

ECP

ABN AMRO Bank

X

X

Bank of America

X

Table 8 – Top Performers in the DSL and DTC market in 2022

Barclays

X

Top 5 PDs for DSLs in 2022

Bred Banque

1

ABN AMRO Bank

Citigroup

X

2

Barclays

Goldman Sachs

X

3

Citigroup

HSBC Continental Europe

X

4

Jefferies

ING Bank

5

Rabobank

Jefferies

X

JP Morgan

X

NATIXIS

X

NatWest Markets

X

Nomura

X

Nordea

X

Rabobank

X

Top 5 PDs for DTCs in 2022
1

Rabobank

2

ABN AMRO Bank

3

Goldman Sachs

4

Barclays

5

Bank of America

Dealer selection and ranking 2023
In 2023 the composition of our counterparties will remain largely consistent
with previous years. The most important change is that JP Morgan will join
both the DSTA’s network of Primary Dealers and Commercial Paper Dealers
(ECP and USCP) in 2023. As a result, the DSTA presents the following
financial institutions as Primary Dealer and Commercial Paper Dealer
for 2023.

X

USCP

X

X
X

X

X
X

X

X

X

X

Primary dealers and secondary markets | Outlook 2023 | 36

The DSTA will continue to use a duration weighted system for primary
issuance to rank its PDs in 2023. Next year’s weighting factors for the
different maturity buckets are shown below.
Table 10 – DSL weighting factors for 2023 (per maturity bucket)
DSL maturing in …

Weighting factor

2024 - 2026

3

2027 - 2029

5

2030 - 2032

7

2033 - 2033

10

2034 - 2040

12

2041 - 2047

17

2048 and beyond

20

Primary dealers and secondary markets | Outlook 2023 | 37

4.2 Liquidity and secondary markets
Secondary market transactions
The DSTA requires Primary Dealers to provide monthly data on their
secondary market activity in Dutch securities. This transaction data contains
information on turnover, maturity, type of counterparty, region and trading
platform. Although the data over 2022 only covers trades by the DSTA’s
Primary Dealers for the first 9 months, the data gives a general overview of
trends in the secondary market. Secondary market trade data is also made
available on the DSTA’s website.
The DSL and DTC turnover volume shows an increase of 37.9% and 51.3%
respectively. In 2022 the turnover volumes in the secondary markets were
€ 449.8 billion on an aggregate level for DSL and € 136 billion for DTC in the
first three quarters of the year as can be seen in figure 11. In comparison, in
the same period last year, the DSL turnover volume was € 326.2 billion and
DTC volume was € 89.9 billion.

Primary dealers and secondary markets | Outlook 2023 | 38

Figure 12 shows data on DSL turnover in the secondary market by residual
maturity. In order to compare the activity in consecutive years, the turnover
total for each year is based on the first three quarters of the year. The steep
increase in DSL turnover in 2022 is partially due to the high secondary market
activity in the >3-5 year maturity bucket. The increase in this bucket can be
explained by the new issuance of the DSL 15 January 2026.

Figure 11 - Quarterly turnover for DTC and DSL (€ billion)
200
180
160
140
120

Figure 12 - Secondary market DSL turnover by residual maturity (€ billion)

100

140.000

80

120.000

60
40

100.000

20
0

1

2

3

4

1

2020
DSL's

2

3
2021

4

1

2

3

2022

DTC's

Source: DSTA Secondary Market Trade Reports

In 2021 the secondary market turnover in DSLs was higher compared to
2020, which was caused by the large increase in DSL issuances in 2021. For
2022, the DSL issuances on the capital market were in accordance with
DSTA’s goal to lengthen the average maturity of the debt portfolio to a
minimum of eight years by 2025. When using these turnover figures as an
indicator for the trading liquidity, there is a significant increase observable
compared to last year.

80.000
60.000
40.000
20.000
0.000

0-1

>1-3

2020 (Q1-Q3)

>3-5

>5-7

2021 (Q1-Q3)

Source: DSTA Secondary Market Trade Reports

> 7 - 10 > 10 - 15
2022 (Q1-Q3)

> 15

Primary dealers and secondary markets | Outlook 2023 | 39

Figure 13 presents the reported DSL turnover by investor type. There are no
major differences in the turnover distribution among the investor
categories compared to last year, despite the increase of 37.9% in DSL
turnover in 2022 compared to 2021. In 2022 the category “Other”4
represents 44% of all DSL turnover, whereas in 2021 this was 40%. In 2022,
investor type “Inter Dealer Broker” makes up 39% of category “Other”,
which is an increase of 50% compared to 2021.

A geographical breakdown of secondary market turnover volumes,
including inter-dealer transactions, is shown in figure 14. Like previous years
the Eurozone made up most of the secondary market activity, followed by
the non-Eurozone European countries. The latter category mainly consists
of trading between Primary Dealers and Fund Managers, Hedge Funds and
Inter Dealer Brokers situated in the United Kingdom.
The increase in secondary market turnover can mostly be attributed to
activity in the Eurozone. Last year there was a slight decrease in turnover for
non-Eurozone European countries, however, due to the increase in total
turnover in 2022 this category also saw an increase of 26.4% in turnover
compared to last year.

Figure 13 - Data on DSL turnover by investor type
500.000
450.000
400.000
350.000

Figure 14 - Geographical breakdown of secondary market turnover (€ billion)

300.000

250.000

250.000
200.000

200.000

150.000
100.000

150.000

50.000
0.000

2022 (Q1-Q3)

100.000

Bank-Customer

Hedge Fund

50. 000

Bank-Primary Dealer

Inter Dealer

Central Bank & Other Public Entity

Other

2020 (Q1-Q3)

2021 (Q1-Q3)

Fund Manager

0

Africa

Asia

Source: DSTA Secondary Market Trade Reports

4

The category “Other” contains the following investor types: Corporate, Debt Manage­
ment Office, Insurance Company, Inter Dealer Broker, Pension Fund, Retail and Bank
Connected Entity.

2020 (Q1-Q3)

Europe - Europe - North Oceania South
Eurozone NonAmerica
America
Eurozone
2021 (Q1-Q3)

Source: DSTA Secondary Market Trade Reports

2022 (Q1-Q3)

Primary dealers and secondary markets | Outlook 2023 | 40

Holdings of Dutch government securities by investor type
The Dutch Central Bank (De Nederlandsche Bank, DNB) publishes quarterly
data on Dutch government securities holdings. The data contains
information on total investor holdings and holdings per residual maturity.
Figure 15 shows holdings of Dutch government securities split between
domestic investors (stacked bars) and foreign investors (dark blue line).
Domestic investors are further divided into various categories. Eligible
securities include DSLs, DTCs and ECP.
Figure 15 - Holdings by domestic (lhs, € billion) and foreign investors (rhs)
of Dutch government securities
50%

250

45%
40%

200

35%
30%

150

25%
20%

100

15%
10%

50

5%
0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Banks

Dutch Central Bank

Pension and investment funds

Other

Insurers

Foreign investors (rhs)

Source: DNB, Dutch government securities holdings data, November 2022

0%

In relation to the domestic investors, there is a trend observable of
increased holdings by DNB. Up until the second quarter of 2020 these
figures were around 25% on a quarterly basis. This steadily increased over
the year 2021, to reach 37.5% in the second quarter of 2022. This is to a
large extent the consequence of the PSPP and PEPP buying program of the
ECB. Due to a policy change for PSPP in July 2022, the ECB decided to stop
net purchases and only reinvest the redemptions. For PEPP this decision
was already taken in December 2021 with effect from March 2022.
Therefore it is expected that the percentage of holdings by DNB will no
longer increase in the coming periods.
Market liquidity is and remains an important topic for the DSTA. The DSTA
continues to stay in close contact with its Primary Dealers to monitor if ECB/
DNB buying is negatively influencing the liquidity in the market. Where
appropriate and possible the DSTA will take measures to promote market
liquidity of its securities.

Primary dealers and secondary markets | Outlook 2023 | 41

Pension funds liquidity and bond market stress
This September, UK gilts markets came under significant stress due to large
sales of long-dated gilts by UK pension funds. UK pension funds have
extensive derivative positions to hedge the interest rate exposure of their
defined benefit plans. These positions decreased in value after the
announcement of the ‘mini-budget’ triggered a rise of UK gilt yields. The rate
increase led to margin calls on the derivative position of pension funds and
they had to sell their longer dated gilts (regular and inflation-linked) to obtain
liquidity and meet these calls. This in turn led to further declines of bonds
prices causing a negative cycle of higher rates, volatility and lower liquidity.
The Netherlands also has a large pension fund sector with defined benefit
schemes and total assets under management of around € 1.4 trillion,
comparable to the UK. However the Dutch pension sector is more resilient
to a UK style sell off of Dutch bonds due to a number of factors.

First of all, Dutch pension funds do not use interest rate derivatives to the
same extent as their UK counterparts. On average Dutch pension funds
cover only 30% to 70% of the interest rate risk, compared to 85% in the UK.
Secondly, Dutch pension funds have large liquidity buffers. Dutch regulation
requires pension funds to have enough buffers to absorb an interest rate
shock of 50 basis points over 48 hours and many pension funds maintain
more prudent liquidity buffers than these minimum requirements. No
comparable liquidity requirement exists for UK pension funds. Thirdly,
Dutch pension funds have a more diversified portfolio. Unlike the UK where
the bond holdings of pension funds are concentrated in gilts, Dutch pension
funds hold different kind of euro area sovereign bonds in their portfolio.
Therefore in case of a sudden liquidity need a sell off will be spread out
across the larger euro area bond market (sized at around € 10 trillion) and
will not be concentrated to Dutch bonds. This mitigates the negative price
effect of bond sales.

Statistical appendix

Statistical appendix | Outlook 2023 | 43

The information presented below reflects the situation at 30 November
2022, unless otherwise indicated. Please see our website for the latest
statistics.

2 Interest rate swaps
Position as of 30 November 2022, in millions of euros
Bucket

Net nominal

Pay or receive

amount

(net)

1 Changes in long-term debt in 2022

(year of maturity)
2022

285

Pay

In thousands of euros

2023

6,107

Receive

2024

4,072

Receive

2026

116

Receive

44,085,935*

2027

750

Receive

0

2028

680

Receive

2033

500

Receive

2035

1,000

Receive

2036

150

Receive

2037

635

Receive

13,725

Receive

Position as at 31 December 2021

342,399,720

New issues in 2022
Public bonds
Private placements

* Including non-comp exercised in relation to the DSL 2031 reopened on 29 November,

Redemptions in 2022
Regular redemptions
Public bonds
Private placements

30,571,259

Net total

30,989

Early redemptions
Public bonds

172,174

Private placements

12,174

Position as at 30 November 2022

355,699,059

Statistical appendix | Outlook 2023 | 44

3 Key figures on individual bonds in 2022
In thousands of euros
Total

Issues

Redemptions

31 December 2021

Total

ISIN code

30 November 2022

0.00 pct DSL 2016 due 15 January 2022

15,380,112

15,380,112

NL0011896857

2.25 pct DSL 2012 due 15 July 2022

15,252,147

15,252,147

NL0010060257

3.75 pct DSL 2006 due 15 January 2023

4,263,000

4,263,000

NL0000102275

7.50 pct DSL 1993 due 15 January 2023

8,240,127

8,240,127

NL0000102077

Principal 15 January 2023

1,565,000

1,565,000

NL0000103000

1.75 pct DSL 2013 due 15 July 2023

17,607,963

17,507,963

NL0010418810

0.00 pct DSL 2017 due 15 January 2024

15,378,277

15,378,277

NL0012650469

2.00 pct DSL 2014 due 15 July 2024

17,415,132

17,415,132

NL0010733424

0.25 pct DSL 2015 due 15 July 2025

19,925,159

19,925,159

NL0011220108

8,303,000

NL0015000QL2

0.00 pct DSL 2022 due 15 January 2026

100,000

8,303,000

0.50 pct DSL 2016 due 15 July 2026

18,964,051

18,964,051

NL0011819040

0.00 pct DSL 2020 due 15 January 2027

15,762,000

15,762,000

NL0015031501

0.75 pct DSL 2017 due 15 July 2027

15,380,926

15,380,926

NL0012171458

5.50 pct DSL 1998 due 15 January 2028

13,028,814

13,028,413

NL0000102317

0.75 pct DSL 2018 due 15 July 2028

14,626,941

2,500,000

17,126,941

NL0012818504

0.00 pct DSL 2021 due 15 January 2029

8,071,000

4,511,000

12,582,000

NL0015000LS8

0.25 pct DSL 2019 due 15 July 2029

12,215,587

12,215,587

NL0013332430

0.00 pct DSL 2020 due 15 July 2030

14,038,462

14,038,462

NL0014555419

0.00 pct DSL 2021 due 15 July 2031*

13,359,805

1,705,000

15,064,805

NL00150006U0

13,615,815

13,615,815

NL0015000RP1

15,507,900

NL0010071189

0.50 pct DSL 2022 due 15 July 2032
2.50 pct DSL 2012 due 15 January 2033

15,507,900

401

Statistical appendix | Outlook 2023 | 45

Total

Issues

Redemptions

Total

ISIN code

31 December 2021

30 November 2022

4.00 pct DSL 2005 due 15 January 2037

17,977,427

17,977,427

NL0000102234

0.00 pct DSL 2021 due 15 January 2038

7,992,052

7,992,052

NL0015000B11

0.50 pct DSL 2019 due 15 January 2040

10,708,004

15,690,370

NL0013552060

3.75 pct DSL 2010 due 15 January 2042

18,839,910

18,839,910

NL0009446418

2.75 pct DSL 2014 due 15 January 2047

20,510,187

0.00 pct DSL 2020 due 15 January 2052

10,108,724

2.00 pct DSL 2022 due 15 January 2054

4,982,366

20,510,187

NL0010721999

3,515,000

13,623,724

NL0015614579

4,953,754

4,953,754

NL00150012X2

2 1/2 pct Grootboek

8,321

8,321

NL0000006286

3 pct Grootboek

2,367

2,367

NL0000004802

85

85

NL0000002707

3 1/2 pct Grootboek

342,129,481
* Including the non-comp facility which has been exercised until 2 December 2022.

44,085,935

30,743,433

355,471,983

Statistical appendix | Outlook 2023 | 46

4 Short-term debt and €STR swaps in 2022
In millions of euros
Key figures of T-bills

Total

Issues

Expirations

31 December 2021

Total

ISIN code

30 November 2022

DTC 2022-01-28

8,230

8,230

NL0015000JL7

DTC 2022-02-25

7,480

7,480

NL0015000KU6

DTC 2022-03-30

4,620

4,620

NL0015000M00

DTC 2022-04-28

3,170

2,850

6,020

NL0015000N82

DTC 2022-05-30

1,050

4,110

5,160

NL0015000OS2

DTC 2022-06-29

4,260

4,260

NL0015000QE7

DTC 2022-07-28

5,650

5,650

NL0015000QQ1

DTC 2022-08-30

5,680

5,680

NL0015000SD5

DTC 2022-09-29

5,180

5,180

NL0015000SI4

DTC 2022-10-28

5,210

5,210

NL0015000U91

DTC 2022-11-23

6,150

6,150

DTC 2023-01-30

6,890

6,890

NL0015000YB7

DTC 2023-02-27

5,450

5,450

NL00150010N7

DTC 2023-03-30

4,460

4,460

NL00150012C6

DTC 2023-04-27

1,180

1,180

NL00150015I6

DTC 2023-05-30

1,270

1,270

NL00150017E1

24,550

58,340

63,640

NL0015000VR9

19,250

Statistical appendix | Outlook 2023 | 47

Commercial Paper

Total

Issues

Expirations

31 December 2021

Total
30 November 2022

CP EUR

0

17,436

15,578

1,858

CP USD

1,587

16,599

8,873

9,313

CP GBP

0

7,459

2,064

5,395

CP CHF

0

0

0

0

CP NOK

Other short-term debt

0

0

0

0

1,587

41,494

26,515

16,566

Total

Issues

Expirations

Total

31 December 2021

30 November 2022

Deposit borrow

0

107,908

106,818

1,090

Deposit lend

0

-73,445

-73,445

0

Deposit borrow USD

0

386

143

243

Eurex repo

0

-4,342

-4,342

0

Buy Sell Back

0

-1,627

-1,627

0

Sell Buy Back

12

58,706

58,392

326

€STR swaps position as of 30 November 2022
Bucket (year of maturity)

Net nominal amount

2022

0

2023

0

Pay or receive (net)

Photo captions | Outlook 2023 | 48

Photo captions

10

3
1
By continuously monitoring conditions and adjusting course accordingly, a sailboat
can even sail against the wind. Any plan made beforehand must be adapted to the
prevailing circumstances in order to arrive at the destination. (p. 1)

Pole vaulters are a literal depiction of agility
and elasticity; these athletes require
exceptional dexterity to succeed in their sport.
Dutch pole vaulting has its origins in the
countryside, where the need arose to jump
easily over ditches between pastures. (p. 5)

7
The Juliana street in the city of Leiden is an
example of a greening neighbourhood that has
been organised to be resistant to climate change.
Biodiverse foliage has been planted as well as
absorbent paving in order to prevent desiccation
and subsidence of the land. (p. 14)

11

4
As our world markets becomes more
connected and interdependent, nobody
can know for certain what the future holds.
The Dutch State Treasury Agency will stay
alert to worldwide changes in order to be
able to identify and adapt to future
challenges. (p. 6)

The Houtribdijk functions as a storm buffer
between the Ijsselmeer and the Markermeer,
and creates a wetland nature reserve 370
hectares in size. The construction of Dutch
Delta Fund infrastructure such as this dike
was partially financed through Green Bonds.
Climate change adaption is a key category of
our Green Bond expenditure. (p. 18)

8
6
The RetroFuture exhibition at the Evoluon in Eindhoven
encourages visitors to develop a more agile mindset, by
inviting them into the experiences of future thinkers,
dreamers and artists through the fields of design, art,
science and film. (p. 10)

The world's first floating farm has
been realized in Rotterdam. With its
focus on circularity, sustainability,
innovation and animal welfare, this
farm rises to the challenges faced by
the agricultural sector. (p. 15)

The Rotterdam Rooftop Days gave over
200,000 visitors the chance to learn how
rooftop areas in cities can be made more
sustainable in the future. The city features one
of the largest rooftop farms in Europe,
cultivating vegetables and flowers in a
sustainable manner. (p. 20)

2
As the pressure on healthcare
mounts in the future, providers
can innovate in this new world
by investing in smart
technologies. This photo
pictures Pepper, a friendly robot
at the Canisius Wilhelmina
hospital, that has been designed
for social interaction. (p. 3)

9

5
The Ballona Creek Trash Interceptor is a solar powered collector developed by the Dutch start-up The Ocean
Cleanup. In this pilot program, run in Los Angeles, the craft prevents floating ocean plastic from drifting into
Marina Del Rey. Tackling climate challenges requires novel solutions and constant innovation. (p. 9)

Since 2015, the return of the wolf has signalled
a new chapter in the Netherlands’ natural
history, one wherein a formerly extinct animal
resurfaces in an unfamiliar environment. In
order to adapt to this new world, the wolf
must contend with various environmental
stressors, including human interference. (p. 16)

12
The buzzard, a bird of prey that is
native to the Netherlands, is an agile
and lightweight hunter with excellent
vision, diving at speeds up to 50
kilometres per hour. (p. 22)

Photo captions | Outlook 2023 | 49

Photo captions

21
13

14

In the Dealing Room of the DSTA, agility is key to
meeting market demand. By innovating in auction
methods with our new Bloomberg auction system,
we continue to adapt and honour our commitment
to the market.(p. 24)

At the Wageningen University Campus, buildings are being connected to the
hot and cold storage (ATES) system. This sustainable energy system will allow
the university to reduce approximately 75% of its natural gas use by 2025
compared to 2019. Flexibility in building as well as making existing buildings
sustainable are key to meeting the climate goals. (p. 27)

In the ‘waterloop’ forest in the Dutch province of Flevoland,
waterworks such as our Deltaworks were trialled at a smaller
scale. It used to be future-facing innovation in the past, but
has now become an open-air museum and national
monument. (p. 42)

20

18
15
This nimble RHIB lifeboat, belonging to the Royal Netherlands Sea Rescue
Institution, braves the waves off the coast of the island of Terschelling.
The KNRM is a volunteer organisation which prides itself on rescuing
swimmers and sailors since 1824, regardless of weather conditions. (p. 30)

16
As a period of overliquidity comes to an end and interest
rates rise, financial markets have changed rapidly. The
DSTA will continue to consult with markets and adapt its
strategy wherever necessary to ensure transparent and
consistent financing of the state debt. (p. 33)

At the team sprint event of the European skating
champion­ships, these agile athletes need to communicate,
coordinate and maintain momentum as a team while
hitting speeds of up to 42 kilometres per hour. Letitia de
Jong, Femke Kok and Ireen Wüst are pictured winning
silver for the Netherlands. (p. 36)

17
In the event of forest fires, the Dutch military may
be called upon to deploy a Chinook helicopter. The
deployment of these helicopters allows for a rapid
response to natural disasters. (p. 34)

The IJssel river faced dry
conditions this summer. In times
of drought, river banks recede
and nature must adapt itself to
deal with new circumstances.
Government initiatives such as
the Delta Program help the
Netherlands to endure the
changing water levels. As our
climate changes, so do our
financial markets. (p. 41)

19
At the Zuiderzee Beach in Amsterdam, this artificial fish
has been placed as a collector for sea and land waste. Art
and functionality come together in this metal sculpture,
designed to increase environmental awareness into the
future. (p. 37)

22
The Lightyear 0, a Dutch-designed solar car, undergoes wind
testing at the Delft University of Technology. In order to use
its energy efficiently, this electric vehicle must be as light and
aerodynamic as possible to travel forward with least
resistance. (p. 45)

23
In summer time, sailors off the coast of Monnickendam can
navigate open water. In the winter, however, ice sailing is a
necessity on the frozen waters. Even in unexpected
circumstances, these boats are able to adjust their hulls and
proceed forward. (p. 51)

Outlook 2023 | 50

Highlights of the DSTA Outlook 2023
• Estimated funding need of approximately € 100 billion in 2023.
• Estimated capital market funding in 2023: € 50 billion.
− Launch of a new Green 20-year DSL. Issuance volume of
approximately € 5 billion in 2023;
− Launch of a new 10-year benchmark bond, the DSL 15 July 2033, in
February 2023. Minimum issuance volume of approximately € 12
billion in 2023;
− Launch of a new 7-year benchmark bond. Minimum issuance volume
of approximately € 12 billion within 18 months after the initial
issuance;
− Reopening of the DSL 15 January 2026;
− DSL issuances of € 21 billion ‘to be determined’ in order to respond to
market demand and promote liquidity across the curve.
• If the funding need turns out to be higher or lower than currently
estimated, the DSTA could increase or reduce the call on both the money
and capital markets.
• Regular updates of borrowing requirements, funding plan and
developments in the Dutch economy and budget through Quarterly
Outlooks and press releases.

Contacts
Agent
Saskia van Dun
s.m.a.dun@minfin.nl

Deputy Agent
Martin Heerma
m.heerma@minfin.nl

Secretariat
dsta.secretariaat@minfin.nl
+31 88 442 8006

Cash Management, Issuance
and Trading (acting)
Jaap Teerhuis
j.c.teerhuis@minfin.nl

Controlling, Accounting
and Reporting
Bernd Klein Schiphorst
b.e.j.kleinschiphorst@minfin.nl

Policy and Risk
Management
Karen van der Wiel
k.m.wiel@minfin.nl

Treasury and Debt
operations (acting)
Isabellita Lie Fong-Terhorst
i.liefong@minfin.nl

Dutch State Treasury Agency
Ministry of Finance
po Box 20201
2500 ee The Hague
The Netherlands
www.dsta.nl

The cut-off date for data in the Outlook 2023 is
12 December 2022, unless otherwise specified.
Colophon
Design Xerox | OSAGE
Photography Nationale Beeldbank, ANP
16 December 2022