NTMA names Dave McEvoy director of funding and debt management

Agency has so far raised €5.75 billion on the international bond markets in 2022

The National Treasury Management Agency (NTMA) has named internal candidate Dave McEvoy as its new director of funding and debt management, succeeding Frank O’Connor officially became the organisation’s chief executive on Friday.

Mr McEvoy, who joined the NTMA in 2010 after spending two decades with AIB, previously served as Mr O’Connor’s deputy in funding and debt management.

The NTMA has so far raised €5.75 billion on the international bond markets in 2022, out of a full-year target of €10 billion to €14 billion. The agency said on Friday that its next bond auction is scheduled for September 1st, at a time when market borrowing costs are rising globally as central banks are tightening monetary policy in an effort to rein in soaring inflation.

The market interest rate, or yield, on the Republic’s benchmark 10-year bonds has spiralled 0.15 per cent at the end of last year to as high as 2.57 per cent last month. However, they have since eased back to 1.86 per cent.

The European Central Bank (ECB) is on track to raise its main rates for the first time in more than a decade later this month. The euro zone inflation hit a record high of 8.6 per cent in June, a multiple of the ECB’s target of around 2 per cent.

Joe Brennan

Joe Brennan

Joe Brennan is Markets Correspondent of The Irish Times