29 November 2014

NTMA to sell 2017 bond in "massive step"

16:13, Post Reporter

The National Treasury Management Agency said it will seek to raise money through a syndicated tap of its 2017 Treasury Bond “in the near future, subject to market conditions.”

** * Read Cliff Taylor's analysis [here](http://www.businesspost.ie/#!story/Home/News/COMMENT%3A+Debt+issue+is+another+step+towards+bailout+exit/id/19410615-5218-50ea-f017-1da9f9395260)**

The sale will “mark a massive step in Ireland’s long process of fully regaining long term bond market access, and fully normalising its primary market issuance, in 2013,” said Owen Callan, an analyst with Danske Bank.

The debt issue could raise at least €3 billion Bloomberg quoted NCB Stockbrokers as saying. Its chief economist Philip O'Sullivan said that Ireland's 2017 maturity is a "well bid part" of the nation's debt, said the report.

Davy analyst Donal O'Mahony was quoted as saying that the NTMA may well sell between €1 billion and €2 billion of bonds through the transaction.

A syndicated tap is the sale, at a pre-determined price, of additional amounts of an existing bond through a number of appointed banks and is open to all institutional investors, the government’s debt agency said in an e-mail statement today. The NTMA hired Barclays PLC, Danske Bank A/S, Davy, Royal Bank of Scotland Group Plc and Societe Generale SA as joint lead managers for the transaction.

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