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Sold: NTMA sells €1 billion worth of Irish government debt
The yield of 2.967% is less than was previously expected.
10.48am, 13 Mar 2014
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IRELAND TODAY SOLD €1 billion worth of ten-year debt, with a recording-breaking low yield.
The ten-year bonds had been expected to sell with an interest rate of 3.018%. However, that figure was surpassed today, as the National Treasury Management Agency (NTMA), sold the bonds for a total yield of 2.967%.
In total, there were bids of over €2.8 billion for the government debt, with the NTMA’s John Corrigan saying the sale represents a successful return to the markets for Ireland.
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“The completion of today’s auction marks Ireland’s full return to the markets for the first time since September 2010 and brings to a successful conclusion the NTMA’s programme for a phased return to the markets carried out over the past two years.
“The €1 billion funding raised today, together with the €3.75 billion raised in the syndicated issue on January 7, amounts to almost 60 percent of our funding target of €8 billion for the full year.”
Previous high yield rates, which reached 15%, had precluded Ireland from borrowing from the markets, necessitating a Troika bailout. Seven per cent is seen as the upper amount a country should borrow at.
The restoration of Ireland’s credit rating by ratings agency Moody’s is seen as a major step on the road to recovery.
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It’s time to act across the EU, here too especially. We can’t handle a pandemic. That much we know. It’s not tourist season, we can still act in time to reduce exposure while minimising hassle.
Flights to and from affected areas should be cancelled for a few weeks.
@David Garland: the mortality rate for that pandemic was between 0.1% and 0.7%. The mortality rate for this virus while not finally established is multiples of that, maybe 10 times higher. You’re comparing apples and oranges.
@Connoroconner: Im not comparing anything.. I’m sure the Irish health service is well equipped to deal with whatever cases we’ll have. Plus if it does hit it will be outside our own flu season which means the hospitals will have a better chance to deal with it..
@David Garland: Give it a rest. It seems that no matter how many times it’s pointed out to you that this not a flu and is many orders of magnitude worse than any flu in every way, you persist with making unfounded comparisons.
@Paraic: What unfounded comparisons? 400,000 died in the last pandemic in 2009.. So far this virus/flu has killed less than 3,000. What don’t you understand about my figures?? They’re facts!
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