Friday, January 21, 2022

UPDATE 1 Ireland is attracting strong demand for new 10-year bonds

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(Adds demand, spreads)

DUBLIN, Jan. 13 () – Ireland on Thursday raised more than € 30 billion in strong demand to sell a new 10-year bond, the two top managers under the deal said in a syndicated offer that could cover a quarter of the funding. The need for 2022.

The Irish National Treasury Agency (NTMA), like other European debt management agencies, regularly raises a number of funds through a syndicate of banks and brokers at the beginning of the year, raising about € 3 billion from the new security, which is a market source. ‘tends to collect. said on Wednesday.

The spread for Thursday sales was set at 1 base point relative to the average exchange rate, leading managers said. This implies a yield of around 0.39%, according to calculations.

The last time Ireland sold a new 10-year debt was a year ago, when it received orders worth more than € 40 billion. Prior to that, in June 2020, it attracted a record demand of 66 billion euros.

The Debt Agency plans to issue between 10 billion and 14 billion euros in the bond market this year, less than the 18.5 billion issued in 2021, as the government expects to spend much less to combat the COVID-19 pandemic.

Ireland’s budget deficit was lower than expected last year at around 4% due to record growth in tax revenues and lower spending than expected by government agencies.

NTMA has authorized BNP Paribas, Cantor Fitzgerald Ireland, Citi, Danske Bank, JP Morgan and Morgan Stanley as joint lead managers on the deal. (Interviews by Padraik Helpin in Dublin and Yoruk Bahcheli in London; edited by Toby Chopra and Frank Jack Daniel)

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