NTMA raises €3.5 billion from sale of new 10-year benchmark bond

13 January 2022 - The National Treasury Management Agency (NTMA) has today raised €3.5 billion through the syndicated sale of a new 10-year benchmark Treasury Bond maturing in October 2032. The funds were raised at 0.387%.

There was strong demand from a diversified investor base for today's transaction. The total order book was in excess of €27 billion and included over 180 individual accounts.

Ireland reached a broad audience of international investors. The largest distribution went to the UK at 30%, followed bv Italy at 13% and the Nordics at 13%. Germany/Austria/Switzerland accounted for 11%, France/Benelux 10%, followed by Spain/Portugal at 7% and Ireland at 7%. Other European countries together accounted for 3%. The Americas and rest of the World took 6%.

The main investor categories were banks 42%, followed by fund managers 27%, official institutions 17%, hedge funds 8%, and pension & insurance 6%.

Frank O’Connor, NTMA Director of Funding and Debt Management, said:

“Today’s transaction demonstrated continued strong demand for Irish sovereign debt from a broad base of investors.

The amount issued reflects our lower funding range of €10-€14 billion for 2022 - significantly below our borrowing in 2021.

Ireland’s improving fiscal position and our strategy of pre-funding liabilities has left us with substantial cash balances and considerable flexibility in meeting our funding needs.”

The original version of this press release was subsequently updated to include the press release issued by the joint lead managers for the transaction termsheet.

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