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Ireland sells E500m at T-Bill auction

Thursday, February 21 11:05:03

The National Treasury Management Agency (NTMA) has today completed an auction of Irish Treasury Bills, selling the target amount of E500 million.

Total bids received amounted to 3.3 times the amount on offer.

The Treasury Bills, which have a maturity of three months, were sold at an annualised yield of 0.24pc.

Last month, the NTMA sold E500 million in treasury bills at an annualised yield of 0.2pc.

The agency has set a total funding target of E10 billion for 2013, as Ireland prepares its exit from the EU-International Monetary Fund bailout programme.

In January, the NTMA successfully sold E2.5 billion in a syndicated tap deal, while expectations are that it may also look to issue a 10-year benchmark deal some time later this year.

This week, Finance Minister, Michael Noonan, said he is convinced that Ireland can exit the bailout and return to the bond markets on schedule.