NTMA raises €4 billion from sale of new 7-year benchmark bond

7 January 2015

(The original version of this press release was subsequently updated to include the press release issued by the joint lead managers for the transaction (316 KB, PDF format) and the transaction termsheet (129 KB, PDF format).

7 January 2015 - The National Treasury Management Agency (NTMA) has today raised €4 billion through the syndicated sale of a new benchmark Treasury Bond maturing in March 2022. The funds were raised at a yield of 0.867 per cent.

The total order book amounted to €5.75 billion and included interest from over 160 investors. Of the €4 billion issued 15 per cent was taken up by domestic investors and 85 per cent by overseas investors. The overseas investors were from mainland Europe (33%), UK (29%), Nordics (10%), Asia (6%), the US (6%) and Others (2%).

In terms of investor categories, 42% of the issue was sold to fund managers, 34% to banks including central banks, 13% to the pension fund and insurance sector with the remaining 11% spread across private banks, hedge funds and others.

"This syndicated sale of €4 billion of a 7-year benchmark bond at a historically low yield of 0.867% represents a strong start to our 2015 funding plan which targets total bond issuance of €12 to €15 billion." - NTMA Director of Funding and Debt Management Frank O'Connor.

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