Friday, January 28, 2022

UPDATE 3 Ireland has raised € 3.5 billion from a new 10-year bond

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(Adds income according to the manager)

DUBLIN, Jan. 13 (IANS) – Ireland on Thursday raised 3.5 billion euros ($ 4 billion) from the sale of new 10-year bonds, the deal’s lead manager said, covering at least a quarter of its funding needs for 2022. .

The Irish National Treasury Management Agency (NTMA), like other European debt management agencies, regularly raises a portion of its funds through the sale of bonds through a syndicate of banks and brokers at the beginning of the year.

It plans to issue between 10 billion and 14 billion euros to the bond market this year, less than the 18.5 billion euros collected in 2021, as the government expects to spend much less to fight the COVID-19 pandemic.

Thursday’s sales were valued at 0.39%, generating strong demand of € 27 billion, the lead manager said.

The last time Ireland sold a new 10-year debt a year ago, it received more than € 40 billion in orders for a negatively-yielding € 5.5 billion loan. In June 2020, bond sales of € 6 billion reached a record demand of € 66 billion.

Irish public finance started the year stronger after showing last week that a budget deficit of about 4 percent of economic activity in 2021 was lower than expected due to record growth in tax revenues and lower spending than expected by government agencies. .

The government also hopes to soon ease restrictions imposed on the hospitality sector last month to slow the spread of COVID-19, the senior minister said on Wednesday.

NTMA has authorized BNP Paribas, Cantor Fitzgerald Ireland, Citi, Danske Bank, JP Morgan and Morgan Stanley as joint lead managers on the deal.

$ 1 = 0.8728 euros Padraik Halpin in Dublin and Yoruk Bahcheli in London report; Edited by Catherine Evans

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