NTMA raises €4 billion from sale of new 2050 benchmark bond

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

9 May 2019 - The National Treasury Management Agency (NTMA) has today raised €4 billion through the syndicated sale of a new 30-year benchmark Treasury Bond maturing in May 2050. The funds were raised at a yield of 1.53%.

The total order book in excess of €18 billion comprised over 325 individual accounts. The size of the order book, which represents a bid to cover of 4.6 times, is similar to other Eurozone sovereign issues and reflects wider market trends.  

Of the €4 billion issued, over 98% was taken up by overseas investors. More details here.

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

"Today's transaction demonstrates that investor appetite for our bonds continues to be strong and broadly based. We have now exceeded 50% of the mid-point of our target of €14 - €18 billion for the year. 

We took advantage of favourable market conditions to execute our second syndicated transaction of 2019 and to continue our strategy of prefunding to meet future redemptions. 

Our strong cash balances leave us well placed to meet upcoming maturities in June and October and enhance our ability to borrow on attractive terms.”