The NTMA’s short-term debt programme, comprising Treasury Bills, Commercial Paper and Exchequer Notes, provides liquidity and flexibility in the timing of long-term funding operations.
Irish Treasury Bills are zero coupon instruments which normally have maturities at issue of between one and twelve months. The main features of Irish Treasury Bills are set out in the NTMA’s Irish Treasury Bills Information Memorandum (249 KB, PDF format).
Treasury Bills are issued primarily through an auction system. Participation in auctions is limited to recognised primary dealers in Irish Government Bonds and eligible counterparties.
|Barclays Capital||London||+44 207 773 5200|
|BNP Paribas||Paris||+44 207 595 8777|
|Cantor Fitzgerald Ireland Ltd||Dublin||+353 1 633 3882|
|Citigroup||London||+44 207 986 8907|
|Danske Bank||Copenhagen||+45 4514 3970|
|Davy||Dublin||+353 1 614 8986|
|Deutsche Bank||Frankfurt||+49 69 910 30810|
|Goldman Sachs||London||+44 207 774 6093|
|HSBC CCF||Paris||+33 1 407 07172|
|JP Morgan||London||+44 207 779 3400|
|Merrill Lynch International||London||+44 207 996 6749|
|Morgan Stanley||London||+44 207 425 8000|
|Nomura International plc||London||+44 207 521 2000|
|Natwest Markets||London||+44 207 085 0133|
|Société Générale||Paris||+33 1 42 13 56 67|
|UBS Limited||London||+44 207 567 4747|
|Bred Banque Populaire||Paris||+33 1 4344 9790|
|Commerzbank||London||+44 207 469 3126|
|Santander GBM||Madrid||+34 91 257 2067|
Ireland Multi-Currency Euro Commercial Paper Programme
Ireland has a USD 50 billion multi-currency Euro Commercial Paper (ECP) Programme which is listed on the Irish Stock Exchange. The programme is fully STEP (Short-Term European Paper) compliant and therefore carries the STEP label. Paper is only sold through approved dealers and prices are quoted on Bloomberg while the maximum tenor available under the programme is 364 days. This programme is used as bridging finance in the replacement of longer term debt and for other liquidity management purposes. The dealers under the programme and their contact details are as follows:
Issuing Agent & Paying Agent: Bank of New York Mellon.
US Commercial Paper Programme
Ireland’s US Commercial Paper programme was launched in July 2009. Funds are raised within the United States, in US dollars, and are swapped into euro. Typical trades are in amounts of USD 50 million to USD 100 million. The dealers on the programme and their contact details are as follows:
|Bank of America Securities LLC||+1 646 855 3230|
|Barclays Capital Inc.||+1 212 412 2112|
|Citigroup Global Markets Inc||+1 212 723 6378|
|Goldman, Sachs and Co.||+1 212 902 8262|
|J.P. Morgan Securities Inc.||+1 212 834 5543|
The issuing and paying agent is Bank of America, N.A., LaSalle Global Trust Services.
The Exchequer Note programme provides short-term funding directly from wholesale institutional clients. The available maturities range up to one year. Exchequer Notes are issued on a discount basis in line with commercial paper.
Please contact Dymphna McHugh or Niall Monks (+353 1 238 4725) with queries concerning short-term paper.