NTMA to raise €750m in treasury bills

The National Treasury Management Agency (NTMA) said on Monday that it will raise €750 million through an auction of treasury bills

The short-term bills will mature on October 25th, 2021 and the auction will be held on April 15th, with a settlement date of April 19th.

The NTMA expects to raise up to € 20 billion in the bond markets this year to cover a budget gap caused by the Government’s response to the ongoing Covid-19 pandemic and potential fallout from Brexit.

It is continuing to raise these funds at a low cost. Last month it sold €750 million in treasury bills at a yield of -0.58 per cent, one of the lowest rates of return ever offered on Irish government debt. It means creditors are paying the Government here to lend to it.

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Despite the negative return, the NTMA said the auction was 2.5 times oversubscribed.

The State’s debt managing agency raised a large chunk of its 2021 funding needs – some € 5.5 billion – in a 10-year bond sale in January, followed by a subsequent €1.5 billion benchmark bond issue in March.

The NTMA will hold its next bond auction on May 13th.