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NTMA confirm raises E3.75bn from bond

Tuesday, January 07 14:59:48

The National Treasury Management Agency (NTMA) has today raised E3.75 billion through the syndicated sale of a new benchmark Treasury Bond maturing in March 2024.

The funds were raised at a yield of 3.543 per cent.

Investor interest in today's issue was even broader than in the previous benchmark bond sale of March 2013. The order book included interest from over 400 fund managers, pension funds, insurance companies, banks and other investors, including some from the Middle East and Asia. The total book amounted to some E14 billion.

Today's 10-year bond sale is the NTMA's first capital market transaction since the exit from the EU/IMF Programme in December 2013. The size of the final order book and the spread of investor interest across the globe demonstrate the appetite for Irish Sovereign debt and Ireland's ability to fund its needs in the private debt markets.

Notwithstanding the large order book the NTMA restricted the size of today's deal to E3.75 billion in order to accommodate bond auctions in its funding programme for the remainder of the year, the Agency said.

"It is clear from the very significant demand we saw today that international and domestic investors recognise the enormous progress Ireland has made. Today's transaction is a real success that cements Ireland's return to the international debt markets and provides a strong platform for bond auctions in 2014," said NTMA Chief Executive John Corrigan.