NTMA raises €750m in over-subscribed bond auction
Demand for Irish bonds has strengthened since Moody’s upgrade in January
A trader looks at screens at a bank in Lisbon . Photograph: Hugo Correia/Reuters
The National Treasury Management Agency (NTMA) has raised another €750 million in an auction of benchmark 10-year bonds.
The agency indicated it received bids of 2.7 times the amount on offer, with a yield of 2.92 per cent on the bonds.
The NTMA has now raised €6.5 billion so far this year, bringing it 81 per cent of the way towards its full-year funding target of €8 billion.
Following the auction, Irish 10-year yields dropped marginally to 2.74 per cent .
Demand for Irish bonds has strengthened since ratings agency Moody’s upgraded the country’s debt to investment grade from junk in January.
The NTMA will release details of its bond issuance plans for the third quarter “at a later date”.
However, it will raise €500 million from a sale scheduled for next Thursday, details of which are due to be released on Monday.