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Ireland sells €500m of Treasury Bills by auction

Thursday 19 September 2013 – The National Treasury Management Agency (NTMA) has today completed an auction of Irish Treasury Bills, selling the target amount of €500 million. 

Total bids received amounted to €1.671 billion which was 3.3 times the amount on offer. The Treasury Bills, which have a maturity of three months, were sold at an annualised1 yield of 0.18%.

Maturity Amount Annualised Yield Cover
23 Dec 2013 €500m 0.18%

3.3 times

Market convention is to quote the yield on an annualised basis i.e. the rate of interest that would apply if the investment term was one year. As these bills have a three-month maturity, the actual interest cost on them is proportionately less than the annualised rate.