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A Bigger Round Of Dutch Pension Transitions Puts Curve St...
ING Economic and Financial Analysis · 2026-06-25 · via All Articles on Seeking Alpha

Summary

  • More than €900bn in Dutch pension assets are planning to transition in 2027, significantly more than the €600bn in 2026.
  • Last year’s transition moved the 10s30s EUR swap curve by around 10-20 bp, and markets could start to feel similar pressure again in the months ahead.
  • With even more assets scheduled to transition in 2027, we think the curve could see similar steepener pressures as in the second half of 2025.
PENSION word on block concept

Zolak/iStock via Getty Images

By Michiel Tukker

Markets digested the first batch well, but much more to come

More than €900bn of Dutch pension fund assets should transition in 2027, which could start making a mark on longer-dated rates in the