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NTMA Funding Statement for 2014

12 February 2014 – Following its successful syndication of €3.75 billion of a new ten-year benchmark bond on 7 January the National Treasury Management Agency (NTMA) confirms to the market that its indicative target for total Irish Government bond issuance during the year 2014, so as to address the 2015 needs, is approximately €8 billion. Accordingly, the NTMA’s working plan is to raise about €4 billion through a series of bond auctions over the course of 2014 with indicative sizes ranging from €0.5 to €1 billion.

It is planned to hold one or two auctions per quarter with the first bond auction to take place on Thursday 13 March 2014. A statement will be issued at the beginning of each quarter outlining the auction plans for that quarter. Bond auctions will normally be held on the second Thursday of a month.

Subject to market conditions the NTMA will also look at the possibility of offering investors the opportunity of switching some of their holdings of the 4.60% Treasury Bond of April 2016 into longer dated bond(s). An announcement will be made to the market one week in advance of any such switching offer.

The NTMA also plans to resume a limited programme of Treasury Bill auctions – the auctions were suspended for the fourth quarter of 2013 due to the Exchequer’s strong cash position. Treasury Bill auctions will normally be held on the third Thursday of a month, with the first auction to be held on Thursday 20 March 2014.

Details of each Bond and Treasury Bill auction will be announced on the Monday of the week of the auction.