merrion street

The Minister for Finance, Michael Noonan T.D., today welcomed the successful syndicated sale by the National Treasury Management Agency (NTMA) of €3.75 billion of bonds. Minister Noonan stated:

“I welcome today’s successful sale by the NTMA of €3.75 billion of bonds maturing in March 2024. This sale shows that Ireland has fully exited the EU – IMF Programme of Assistance. The yield of 3.54% illustrates the strength of Ireland’s international reputation and brings us far closer to the borrowing rates of the strongest European economies”.

The level of demand for today’s sale with some €14 billion of orders shows that the Government’s decision to exit the EU – IMF Programme without a precautionary credit line has built strong confidence amongst investors. It is particularly noteworthy that the orders of €14 billion for today’s sale exceed the €10 billion that could have been available under a precautionary programme.

I would like to acknowledge that strong investor sentiment was built through a series of transactions announced in November and December that coincided with exit from the EU-IMF Programme. These included the recouping of a premium on the disposal of the State’s investment in Bank of Ireland preference shares, NAMA’s bond redemptions, the selection of a preferred bidder for Bord Gáis Energy, and the successful sale of the majority of the IBRC Evergreen portfolio to the private sector.”