NTMA could raise €4bn in sale of 10-year bonds

Market conditions and investor feedback led to decision to sell long-term facility

NTMA chief executive Conor O’Kelly. Photograph: Dara Mac Donaill

NTMA chief executive Conor O’Kelly. Photograph: Dara Mac Donaill

 

The State’s debt management agency is expected to market 10-year bonds from as early as Wednesday which could raise up to €4 billion, The Irish Times has learned.

The National Treasury Management Agency (NTMA) has mandated Barclays, BNP Paribas, Danske Bank, Davy, Natwest Markets and Nomura as joint lead managers for a forthcoming 10-year bond which would mature on October 18th, 2030, it said in a statement.

The Irish Times understands that the agency will begin to market the transaction on Tuesday with a view to raising about €4 billion.

The NTMA did not confirm that, saying the transaction was expected to be launched and priced in the “near future subject to market conditions”.

“While we had scheduled a bond auction for this week, we have decided to proceed with a larger syndicated transaction instead,” said NTMA director of funding and debt management, Frank O’Connor.

“This decision is based on current market conditions and investor feedback, which suggested that demand is likely to be greater than can be typically accommodated by an auction.”