Business Irish

Friday 19 September 2014

NTMA to raise €1bn in bond auction this week

Ailish O'Hora

Published 07/04/2014 | 09:55

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NTMA chief executive John Corrigan
NTMA chief executive John Corrigan

THE Government is planning to raise €1bn in a bond auction this week, the National Treasury Management Agency announced today.

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A non-competitive auction for 15pc of the amount sold in the competitive auction will immediately follow and close on Friday while the body responsible for managing the country's debt is also planning raise money next month.

The NTMA raised €1bn in its first post-bailout bond auction of 2014 last month from a range of investors including some from the Middle East, at a record low borrowing cost.

It had previously dipped its toes in the water with syndicated debt sales sold through banks.

Demand for Irish bonds has strengthened since ratings agency Moody's upgraded the country's debt to investment grade from junk in January.

Some €4.75bn has already been raised this year out of a total annual target of €8bn.

Experts expect that less cash will be raised in the April and May sales than the amount raised in March.

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