The National Treasury Management Agency (NTMA) has completed a buyback of €4.1 billion of the 4 per cent treasury bond.

On foot of the buyback this amount will be cancelled and the nominal outstanding will decline from €6.848 billion to €2.746 billion.

“Today’s buyback of €4.102 billion leaves just €2.746 billion of the 2014 bond to be redeemed on 15 January 2014, considerably less than the almost €12 billion which had been outstanding at its peak,” an NTMA spokesman said.

Last December, the NTMA cancelled €500 million of a 5 per cent treasury bond due to mature four months later.

The NTMA acquired holdings of the short-dated bond in the secondary bond market, “as part of its normal operations”.

Following the cancellation, the total nominal outstanding for the bond will decline from €5.616 billion to €5.116 billion.