Issuance of bonds takes place via regular auctions supplemented with tap sales. Dates for the next three months' planned auctions are announced at the start of each month. The government bonds to be auctioned will be announced no later than three trading days prior to each auction.
Monthly auctions will be held over T-bills with the first banking day of the month as the settlement date.
Treasury Bills Auctions are typically held every Tuesday and successful bids are settled on the following Thursday on a T+2 settlement cycle. When the auction date, or the settlement date, or any day in between the auction date and the settlement date falls on a non-business day, the auction takes place on the first business day of the same week and settled on a T+2 basis.
Shortly before the start of a new quarter, the Dutch State Treasury Agency (DSTA) announces the issuance calendar for the new quarter. The press release states the bonds and bills that will be issued, the dates of issuance and, for bonds, it contains an indication of the target amounts to be raised. In December the DSTA announces its overall funding plan for the coming year, which is updated in January and on a quarterly basis.
General rules, subject to exceptions (holidays, etc):
Bonds are issued monthly: on the first and on the third Thursday of each month, with the exeption of January when bonds are issued on the second Thursday. The references are announced on the Friday preceding the auction date.
Letras Del Tesoro (T-bills) are issued on the second Tuesday of each month with 3- and 6-month maturities and on the third Tuesday for the 12-month tenor.
