NTMA to sell €500m of bonds on Thursday

Monthly auction of three-month treasury bills will further test Ireland’s ability to raise funds from capital markets

 NTMA chief executive John Corrigan speaking during the agency’s release of its annual report at the Treasury Building Dublin. Photograph: Brenda Fitzsimons/Irish Times

NTMA chief executive John Corrigan speaking during the agency’s release of its annual report at the Treasury Building Dublin. Photograph: Brenda Fitzsimons/Irish Times

Tue, Apr 16, 2013, 10:54

Ireland will return to the bond markets on Thursday with a €500 million auction of treasury bills, the National Treasury Management Agency (NTMA) announced today.

It will be the NTMA’s fourth auction of Government debt this year, and a further test of Ireland’s ability to raise funds from capital markets.

The monthly auction of three-month treasury bills follows a similar deal last month, when the NTMA sold €500 million in treasury bills at an annualised yield of 0.24 per cent.

Last month’s auction was significantly over-subscribed, with total bids of €1.706 billion received.

Subject to market conditions, the NTMA said Thursday’s auction would be followed by two further auctions in the second quarter.

The NTMA has set a total funding target of €10 billion for 2013, as Ireland prepares its exit from the EU-International Monetary Fund bailout programme.