Government Bonds

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 (86 KB, PDF format).

Benchmark Bonds

Non-Benchmark Bonds

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).

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).

Collective Action Clauses

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 will be included by reference in all new Irish bonds 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 January 2013 document: The Primary Dealer System in Irish Government Bonds, including issuance and related debt management arrangements(160 KB, PDF format).

The seventeen 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:

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.

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. However, it does try to facilitate individual investors wishing to invest in Irish Government bonds.

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 (171 KB, PDF format) charged by institutions that sell Irish Government bonds to retail/ personal investors.