Critics who last year knocked John Corrigan for paying too much to borrow on the markets should eat humble pie today.
In July, Corrigan's NTMA had to pony up by committing to a hefty yield of 5.85pc for the first five-year bonds issued since the 2010 bailout.
The price drew criticism in some quarters because it was seen as expensive compared to the 3.5pc being charged by the eurozone bailout funds.
The National Treasury Management Agency has always insisted that a premium had to be paid to win back investors, and that yields would fall in time. Six months later, that view is set to be borne out in some style.
The Punt expects the State to borrow five-year money at closer to 3.3pc today.
Less than headline bailout rate, and hugely below the level paid just six months ago.