NTMA to hold two debt auctions in coming quarter

Agency publishes latest issuance timetable

Conor O’Kelly, NTMA chief executive: the agency also plans to launch a new Government bond by syndication later in the year.  Photograph: Dara Mac Dónaill / The Irish Times
Conor O’Kelly, NTMA chief executive: the agency also plans to launch a new Government bond by syndication later in the year. Photograph: Dara Mac Dónaill / The Irish Times

The National Treasury Management Agency (NTMA) is planning two further debt auctions in the coming quarter.

The agency said that subject to market conditions it would hold a bond auction on May 10th followed by an auction of Treasury Bills on June 14th.

In addition, the NTMA plans to launch a new Government bond by syndication later in the year.

The agency sold €4 billion of bonds in January, becoming the first European sovereign to tap the bond markets in 2018, in an auction that drew more than €14 billion of orders from international investors.

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NTMA chief Conor O'Kelly has played down the risk to Ireland from the ending of the European Central Bank's quantitative easing (QE) programme and the likely rise in interest rates across Europe, which will push up Government borrowing costs.

At a recent speaking engagement, Mr O'Kelly said Ireland's exposure to the post-QE period had been effectively cut in half through the early repayment of International Monetary Fund (IMF) loans and the early buyback and switching of near-term bonds, which had reduced the State's refinancing requirement for the next three years from €60 billion to €30 billion.

Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is Economics Correspondent of The Irish Times