Ireland may return to debt markets


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.