NTMA raises €5.5 billion from sale of new 10-year benchmark bond

5 January 2021 - The National Treasury Management Agency (NTMA) has today raised €5.5 billion through the syndicated sale of a new 10-year benchmark Treasury Bond maturing in October 2031. The funds were raised at a negative yield, -0.257%.

There was strong demand from a diversified investor base for today's transaction. The total order book was in excess of €40 billion and included over 240 individual accounts.

In terms of geographic distribution, 93% was taken up by overseas investors. The final allocation was U.K. 33%, France and Benelux 14%, Nordics 12%, Germany 10%, Italy 10%, Ireland 7%, Other Europe 8% and US/Other 7%.

The main investor categories were banks 48%, followed by fund managers 30%, hedge funds 11%, pension & insurance 5% and official institutions 5%.

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

“This is an encouraging start to our 2021 issuance programme and demonstrates the continued strong demand from a broad investor base for Irish sovereign debt.

Today’s transaction brings us to over 30% of the mid-point of our target funding range of €16 - €20 billion for the year. Coupled with the significant cash balances we brought into 2021 and the absence of any bond maturities this year, our funding position is strong.”


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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