Debt agency bond plan makes progress

The National Treasury Management Agency has reported a high take-up in the latest stage of its debt consolidation programme, …

The National Treasury Management Agency has reported a high take-up in the latest stage of its debt consolidation programme, aimed at making Irish bonds more marketable. The agency has bought back nearly 92 per cent of the 8 per cent 2006 bond and nearly 9 per cent of its 6 per cent 2008 bond. Fifty per cent of the 6.5 per cent 2001 bond was bought back. To replace these issues, it sold the investors three new bonds - 2.75 per cent 2002, 3.5 per cent 2005 and 4 per cent 2010. It bought back #5.4 billion in bonds and sold #7.4 billion of the new issues.