NTMA raises €6 billion from sale of new 10-year benchmark bond

9 June 2020 - The National Treasury Management Agency (NTMA) has today raised €6 billion through the syndicated sale of a new 10-year benchmark Treasury Bond maturing in October 2030. The funds were raised at a yield of 0.285%.

There was strong demand from a diversified investor base for today's transaction. The total order book of circa €66 billion included over 400 individual accounts.

In terms of geographic distribution, 88% was taken up by overseas investors. The final allocation was U.K. (24 %), France and Benelux (13%), Ireland (12%), Nordics (11%), Germany (10%), Italy (7%), Spain and Portugal (7 %) Other Europe (8 %) and US/Other (8 %).

The main investor categories were asset managers (37%) and banks & intermediaries (36%), followed by central banks and official institutions (11%), pension & insurance (9%), and hedge funds (7 %).

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

“The continued strong demand among investors for Irish sovereign debt created an opportunity for us this week to execute our third syndicated transaction of 2020.

Following today’s transaction we have now raised €18.5 billion from bond issuance this year, more than 80% of the mid-point of the €20-€24 billion funding range we have guided for the full year. This gives us significant flexibility and leaves us in a healthy position to meet our remaining requirements over the second half of 2020.

Our borrowing programme is benefiting from a range of supporting factors: improvements in our sovereign credit ratings, our smoother and longer debt maturity profile and the accommodative stance of the ECB”.

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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