NTMA Issues Eight new Floating Rate Treasury Bonds in exchange for Promissory Notes

8 February 2013 - The National Treasury Management Agency announces that following the agreement between the Government and the ECB, it has, at the direction of the Minister for Finance, completed the exchange with the Central Bank of Ireland of Irish Government Bonds for the Promissory Notes previously held by IBRC. As a result, the Minister for Finance's liability under the Promissory Notes has been discharged and the Promissory Notes cancelled.

For this purpose eight new Floating Rate Treasury Bonds for a total amount of €25 billion have been issued with maturities ranging from 25 to 40 years. The bonds will pay interest every six months (June and December) based on the 6-month Euribor* interest rate plus an interest margin which averages 2.63% across the eight issues.

The details of the bonds are:

Bond Amount Interest Margin
Floating Rate Treasury Bond 2038 €2 billion 2.50%
Floating Rate Treasury Bond 2041 €2 billion 2.53%
Floating Rate Treasury Bond 2043 €2 billion 2.57%
Floating Rate Treasury Bond 2045 €3 billion 2.60%
Floating Rate Treasury Bond 2047 €3 billion 2.62%
Floating Rate Treasury Bond 2049 €3 billion 2.65%
Floating Rate Treasury Bond 2051 €5 billion 2.67%
Floating Rate Treasury Bond 2053 €5 billion 2.68%

*6-month Euribor is currently 0.372%

The Offering Circulars for the bonds are available on the NTMA website.

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