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E14bn in bids for new Irish bond

Tuesday, January 07 12:24:36

Reports suggest that there was over E14bn in demand for the new Irish 10-year bond this morning.

The bond priced at 140bps over mid-swaps, which represents a yield of around 3.53pc.

This is 166bps over German bunds, relative to a spread of 220bps at the time of the sale of 10-year bonds in 2013, according to Dermot O'Leary, chief economist at Goodbody's in Dublin.

There is no word yet on the size of the sale, but is likely to be in the E3bn-E3.5bn range, he said.

When Ireland sold a new E5bn issue last March, there were over E13bn in orders.

"Given the amount sold is likely to be less, the bond should perform well in the after-market. Positive momentum on Ireland continues," Mr O'Leary said.