State set to borrow up to €4bn this week
The State is set to borrow as much as €4bn this week, in a deal that will reopen the European bond markets for 2018.
Last year Ireland was also the first European sovereign to issue new bonds, when the National Treasury Management Agency (NTMA) borrowed €4bn from a syndicate of borrowers.
This year the NTMA has mandated Citi, Danske Bank, Davy, JP Morgan, Morgan Stanley and Nomura as joint lead managers for a planned 10-year, euro denominated, syndicated bond deal.
The size of the deal hasn’t been confirmed but is expected to be between €3bn to €4bn. Timing is likely to be on Wednesday. The NTMA has indicated it plans to borrow €14bn to €18bn in 2018 by issuing bonds, mainly to replace older debts as they fall due for repayment.