Ireland may return to debt markets

Thu, Sep 13, 2012, 01:00

Ireland may return to the term debt markets in the coming weeks if the country's debt continues to rally and today's treasury bills auction runs smoothly, Dublin- based fixed-income firm Glas Securities said.

The National Treasury Management Agency's sale of €500 million of T-Bills today may price at a yield below 1 per cent, "maybe even below the 75-80 basis points level," Glas said in a note today.

Ireland returned to the long-term bond markets in July for the first time in almost two years, selling €4.2 billion of new debt.

NTMA chief executive John Corrigan yesterday said Ireland had made significant progress towards achieving sustainable market re-entry.

Speaking at an event in Dublin, Mr Corrigan said Ireland continues to face challenges but that international investors are encouraged by positive signs emerging from the Irish economy.