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Treasury bill issue to add confidence

Thursday, September 13 09:34:32

The NTMA sale of Treasury Bills today may not be an important event in itself but it will add to the growing sense of confidence that Ireland will be returning to the debt markets as expected next year and at rates that will be sustainable. The National Treasury Management Agency's sale of E500 million of T-Bills today may price at a yield below 1 per cent, "maybe even below the 75-80 basis points level," Glas said in a note today. Ireland returned to the long-term bond markets in July for the first time in almost two years, selling E4.2 billion of new debt.

NTMA chief executive John Corrigan yesterday said Ireland had made significant progress towards achieving sustainable market re-entry. Speaking at an event in Dublin, Mr Corrigan said Ireland continues to face challenges but that international investors are encouraged by positive signs emerging from the Irish economy.