NTMA is auctioning 750 million euros in short-term debt this week

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The National Treasury Management Agency is due to auction €750 million in six-month Irish Treasury bills on Thursday.

Invoices are due on October 24th, with settlement next Monday, April 25th.

The competitive auction is limited to recognized primary dealers and eligible counterparties and is followed immediately thereafter by a non-competitive auction.

The last Treasury bill auction closed on March 24, with the NTMA selling its target amount of €750 million in five-month bills at a yield of -0.565 percent.

In total, bids amounted to €1.5 billion, twice the amount offered.

According to NTMA chief Frank O’Connor, Ireland expects to borrow a total of €10-14 billion in 2022, well below the country’s borrowing in 2021.

Ireland successfully raised a large chunk of its 2022 market funding needs in January when NTMA raised €3.5 billion through the syndicated sale of a 10-year benchmark bond.

The funds were raised at a yield of 0.387 percent, more than half a percentage point higher than last year’s corresponding syndicated deal, which was rated at a negative yield of -0.257 percent.

The deal, which is likely to be the biggest issue of the year after the NTMA changes $18.5bn in 2021.

The European Central Bank has left open the possibility of raising interest rates as early as the summer.

The ECB is Ireland’s largest creditor, according to the Treasury, and at the end of March it bought €25.5 billion worth of Irish government bonds as part of its various asset purchase programmes.

Last month, the ECB ended its €1.8 trillion pandemic emergency purchase program and will end a parallel asset purchase program in the third quarter of this year.

https://www.independent.ie/business/budget/ntma-to-auction-750m-of-short-term-debt-this-week-41565628.html NTMA is auctioning 750 million euros in short-term debt this week

Fry Electronics Team

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