July 2028 DSL Seen Offering Limited Relative Value on Dutch Curve

0634 GMT – The Dutch 0.75% July 2028 DSL, the government bond that will be reopened at auction, offers limited relative value on the Dutch bond curve, according to Citi’s rates strategists. Looking at the bond cross-market, however, the spread between the Dutch auction bond and Germany’s 0.25% August 2028 bond is at its cheapest level over a one-year horizon, the strategists write in a note. The Dutch State Treasury Agency will offer EUR2 billion-EUR2.5 billion in the July 2028 DSL, with auction results expected shortly after 0800 GMT. (emese.bartha@wsj.com)