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Government Bonds

Irish Government bonds are listed on the Irish Stock Exchange. The benchmark bonds are also traded on the electronic trading platforms, EuroMTS, Brokertec and BGC Partners. The clearing and settlement system of Irish Government bonds is carried out by Euroclear.

The current benchmark and non-benchmark bonds are listed below. The outstanding amounts of each bond (net of repos and on a “contracted” basis) are published daily in the Irish Government bonds outstanding report (45 KB, PDF format).

Benchmark Bonds

Treasury Bond
Offering Circular
Issue
Date
Maturity
Date
Coupon
Date
ISIN Code
5.5% 2017 2 Aug. 2012
18 Oct. 2017 18 Oct. IE00B8DLLB38

4.5% 2018 (110.7 KB)

16 Oct. 2007 18 Oct. 2018 18 Oct. IE00B28HXX02

4.4% 2019 (41.8 KB)

15 Apr. 2008 18 Jun. 2019 18 Jun. IE00B2QTFG59

5.9% 2019 (31.4 KB)

30 Jun. 2009 18 Oct. 2019 18 Oct. IE00B6089D15

4.5% 2020 (31.2 KB)

20 Jan. 2004 18 Apr. 2020 18 Apr. IE0034074488

5.0% 2020 (22.9 KB)

21 Jan. 2010 18 Oct. 2020 18 Oct. IE00B60Z6194

0.80% 2022 (166.2 KB)

14 Jan. 2015 15 Mar. 2022 15 Mar. IE00BJ38CQ36

3.9% 2023 (129.5 KB)

20 Mar. 2013 20 Mar. 2023 20 Mar. IE00B4S3JD47

3.4% 2024 (129.6 KB)

14 Jan. 2014 18 Mar. 2024 18 Mar. IE00B6X95T99

5.4% 2025 (23.2 KB)

13 Oct. 2009 13 Mar. 2025 13 Mar. IE00B4TV0D44

1.0% 2026 (308.4 KB)

14 Jan. 2016 15 May 2026 15 May IE00BV8C9418

2.4% 2030 (237.5 KB)

11 Nov. 2014 15 May 2030 15 May IE00BJ38CR43

1.7% 2037 (229.8 KB)

11 Jan. 2017 15 May 2037 15 May IE00BV8C9B83

2.00% 2045 (308.4 KB)

10 Feb. 2015 18 Feb. 2045 18 Feb. IE00BV8C9186
Matured and Retired Bonds 2013 to 2016
Treasury Bond Issue
Date
Maturity
Date
Coupon
Date
ISIN
Code

5.0% 2013 (30.5 KB)

24 Jan.
2002
18 Apr.
2013
18 Apr. IE00031256328

4.0% 2014 (31.1 KB)

15 Jan.
2009
15 Jan.
2014
15 Jan. IE00B3KWYS29
      4.5% 2015 1 Feb.
2012
18 Feb.
2015
18 Feb. IE00B4V6D496

8.25% 2015 (26.8 KB)

18 Aug.
1994
18 Aug.
2015
18 Aug. IE0004680173

4.6% 2016 (29.1 KB)

11 May
1999
18 Apr.
2016
18 Apr. IE0006857530

Floating Rate Treasury Bond 2038 (199.3 KB)

8 Feb.
2013
8 June
2038
18 Jun. &
18 Dec.
IE00B7SH6702

Floating Rate Treasury Bond 2041 (199.4 KB)

8 Feb.
2013
8 June
2041
18 Jun. &
18 Dec.
IE00B92QZW50
Amortising Bonds

The NTMA has designed amortising bonds, which make equal annual payments over their lifetime, to meet the needs of the Irish pensions industry. The issuance procedures and related debt management arrangements in respect of these new instruments are outlined in the NTMA’s Information Memorandum on Irish Amortising Bonds (274 KB, PDF format).

Amortising Bond Issue
Date
Maturity
Date
Coupon
Date
ISIN
Code

5.72% 2027 (164.1 KB)

20 Sep. 2012 20 Jul. 2027 20 Jul. IE00B7XWNN51

5.82% 2032 (172.2 KB)

20 Sep. 2012 20 Mar. 2032 20 Mar. IE00B7Z55X64

5.92% 2037 (176.6 KB)

20 Sep. 2012 20 Jan. 2037 20 Jan. IE00B8JXZJ91

5.92% 2042 (180.5 KB)

20 Sep. 2012 20 May 2042 20 May IE00B8JYSW68

5.92% 2047 (184.4 KB)

20 Sep. 2012 20 Sep. 2047 20 Sep. IE00B86ST629

5.72% 2027 (220.9 KB)

18 Jan. 2013 20 Jul. 2027 20 Jul. IE00B8J2NN65

5.82% 2032 (257.9 KB)

18 Jan. 2013 20 Mar. 2032 20 Mar. IE00B8HCPH68

5.92% 2037 (262.7 KB)

18 Jan. 2013 20 Jan. 2037 20 Jan. IE00B8MZCR91

5.92% 2042 (266.6 KB)

18 Jan. 2013 20 May 2042 20 May IE00B8RZMN07

5.92% 2047 (270.9 KB)

18 Jan. 2013 20 Sep. 2047 20 Sep. IE00B7TN5929
Floating Rate Treasury Bonds

On 8 February 2013 the NTMA issued €25.034 billion nominal Floating Rate Bonds which were exchanged for the Promissory Notes held by the Central Bank of Ireland. As referenced in the Offering Circulars for the Floating Rate Bonds the Central Bank of Ireland may, as initial holder of the Bonds, exchange the Bonds for fixed rate bonds issued by the NTMA, subject to the terms of the Exchange Option Deed (263 KB, PDF format).

Floating Rate Treasury Bond ISIN Code

Floating Rate Treasury Bond 2043 (199.4 KB)

IE00B92QZX67

Floating Rate Treasury Bond 2045 (199.5 KB)

IE00B92QZY74

Floating Rate Treasury Bond 2047 (199.6 KB)

IE00B92QZZ81

Floating Rate Treasury Bond 2049 (199.7 KB)

IE00B96B0F40

Floating Rate Treasury Bond 2051 (199.4 KB)

IE00B8BCNG75

Floating Rate Treasury Bond 2053 (199.6 KB)

IE00B96PQX65

Collective Action Clause

Following the conclusion of the European Council of 24-25 March 2011 a standardised and identical collective action clause (CAC) including supplemental provisions was developed and agreed by the Economic and Financial Committee on 18 November 2011.  In accordance with Paragraph 3 of Article 12 of the ESM Treaty, the model CAC will become mandatory in all new euro area government securities with a maturity above one year issued on or after 1 January 2013 and in a way which ensures the legal impact is identical. Below in PDF format is the agreed collective action clause (65.2 KB, PDF format), the supplemental provisions (51.9 KB, PDF format), the Supplemental Explanatory Note of 26 March 2012 (739 KB, PDF format)  and the Explanatory Note of 26 July 2011 (37.9 KB, PDF format). This CAC has been included by reference in all new Irish Government bonds issued after 1 January 2013 .

Primary Dealer System

The Irish Government bond market has a strong Primary Dealer group, mainly international investment banks with a global reach.

The Primary Dealer system and the issuance procedures for the Irish Government bond market are set out in the March 2014 document: The Primary Dealer System in Irish Government Bonds, including issuance and related debt management arrangements (125 KB, PDF format).

The primary dealers recognised by the NTMA each make continuous two-way prices in designated benchmark bonds in specified minimum amounts and within specified maximum bid-offer spreads. A number of stockbrokers also match client orders. The primary dealers are:

Dealer Location Reuters page Bloomberg page Telephone
Barclays London BARCEGB BCEG +44 207 773 5200
BNP Paribas Paris BPGV BPEG +44 207 595 8777
Cantor Fitzgerald Ireland Ltd Dublin CTFI +353 1 633 3882
Citigroup London CITIGROUP CGEG +44 207 986 8907
Danske Bank Copenhagen DMGV +45 4514 3970
Davy Dublin DAVC – D DAVC +353 1 614 8986
Deutsche Bank Frankfurt DBF18 DABB +49 69 910 30810
Goldman Sachs London GSGB +44 207 774 6093
HSBC CCF Paris HSBCIRL HSBC +33 1 407 07172
JP Morgan London JPMORGAN JPGX 21 +44 207 779 3400
Merrill Lynch International London BAMG +44 207 996 6749
Morgan Stanley London MS +44 207 425 8000
Nomura International plc London NOMURA NOMX +44 207 521 2000
NATWest Markets London RBSM +44 207 085 0133
Société Générale Paris SGGOVT SXGV +33 1 42 13 56 67
UBS Limited London UBSEURO UEUG +44 207 567 4747

The Primary Dealers are members of the Irish Stock Exchange, on which Irish Government bonds are listed. They have exclusive access to the NTMA’s bond auctions and may avail of repo and reverse repo facilities which the NTMA provides in Irish Government bonds.

Irish Government Bond Indices

The Irish Stock Exchange publishes each day six Clean Price Bond Indices and six Total Return Bond Indices, “ISEQ®-BIS”. The twelve bond indices are categorised by time to maturity. They are calculated at 16:30 each day. Daily ISEQ®-BIS data is available on the Irish Stock Exchange’s website.

An archive of daily and weekly reports published by the Irish Stock Exchange is available in the bond index reports section of this website.

Retail/Personal Investors

The NTMA conducts its primary bond market operations via its network of Primary Dealers.

The NTMA quotes prices directly to certain eligible financial institutions such as stockbrokers for the purchase of up to €100,000 of bonds by personal / retail investors.

The NTMA has also published a general guide to the fees/commissions (168 KB, PDF format) charged by institutions that sell Irish Government bonds to retail/ personal investors.