NTMA raises €4 billion from sale of new 15-year benchmark bond

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.

10 April 2018 – The National Treasury Management Agency (NTMA) has today raised €4 billion through the syndicated sale of a new 15-year benchmark Treasury Bond maturing in May 2033. The funds were raised at a yield of 1.319%.

There was strong and broad-based demand for today’s transaction. The total order book of over €12.5 billion included 190 individual accounts.

The main investor categories were asset managers, insurance companies and pension funds (53%), banks (25%), central banks and official institutions (9%)  and hedge funds (13%). Country distribution was to the UK at 46%, followed by Germany/Austria/Switzerland (13%), Nordic region (8%), France and Italy (7% each), and the Americas (6%).

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

“Building on our strong start to 2018, today’s sale represents €10.25bn nominal of benchmark bonds issued so far this year. We have now exceeded 60% of the mid-range of our target issuance of €14bn to €18bn for the year. Today’s transaction confirms that investor appetite for Irish bonds remains healthy and broad-based, enabling an increase in the transaction size to €4 billion. It further strengthens our funding position”.