HALISTER1: Dutch Issuance Plans May Be Unchanged on Better Budget: ABN Amro

Dutch Issuance Plans May Be Unchanged on Better Budget: ABN Amro

(Bloomberg) -- The stronger-than-expected improvement in the 2016 budget deficit will likely mean an unchanged bond issuance target, ABN Amro analyst Kim Liu writes in client note.
  • The Dutch State Treasury Agency will update its target, currently EU25b to EU30b, on Friday; expect two further auctions of the 10Y benchmark in 4Q
  • Dutch 10Y yield spread to end year at 15bps, slightly above current levels
  • NOTE: ING had expected higher funding needs to translate into DSL issuance target of EU35b-37.5b, up from EU25b-30b
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Kim Liu (ABN AMRO Group NV)

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