- The Dutch Treasury will hold the final reopening of its 10y benchmark tomorrow, for an amount of EUR 2 – 3bn. We expect a size of EUR 2.5bn.
- Tomorrow’s deal will wrap up the Dutch bond funding programme for this year.
- We expect the Dutch bond funding to slightly overshoot the EUR 31.6bn official estimate.
- We expect more downward revisions for the 2018 funding requirement, so that net supply will be at extremely negative levels.
- The 10y benchmark offers value in a 5s10s box vs DE, in a core credit fly, vs France and on the Dutch ASW curve.
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