Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Ireland raises four billion euros in new 10-year debt

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 03:04pm CEST

DUBLIN (Reuters/IFR) - Ireland kicked off its annual funding drive by raising 4 billion euros (£3.54 billion) with a syndicated 10-year bond on Wednesday, covering around a quarter of its issuance target just three days into the year.

The first euro zone sovereign issuer out of the traps this year, Ireland has followed a template of coming to market with a major syndicated sale at the start of each of the last five years.

It received over 14 billion euros worth of investor orders for the new paper, lead bankers for the deal said, setting a price of 2 basis points over mid-swaps that implied a yield of 0.943 percent.

When Ireland last issued a new 10-year bond via syndication in January 2016 it raised funds at 1.156 percent. Two years before that it had to offer 3.543 percent.

Ireland's debt agency has taken advantage of a record low funding rate environment since then as well as an economy that has grown faster than any other in Europe to lengthen the maturity of its stock of debt at lower borrowing costs.

In the last three months, Ireland has received two credit rating upgrades, most recently to A+ in December from Fitch.

Ireland raised over 17 billion euros ($20.5 billion) on debt markets last year, allowing early repayment of some of its loans from a 2010 international bailout while increasing its scarce pool of debt eligible for the European Central Bank's asset purchase programme.

This year the National Treasury Management Agency (NTMA) plans to issue between 14 and 18 billion euros of long-term debt, including at least one syndicated deal.

The banks and brokers mandated by the NTMA pitched the new bond on the same day that wide-ranging European Union financial market regulatory reforms known as MiFID II took effect.

Smaller euro zone states often use syndication to broaden the investor base for their bonds and compete with big countries whose debt attracts demand because of benchmark status. Using banks to find demand should also help secure more aggressive pricing and ensure liquid trading.

Citi, Danske Bank, Davy Stockbrokers, J.P. Morgan, Morgan Stanley and Nomura are joint lead managers for the new bond.

(Reporting by Padraic Halpin and Julian Baker; Editing by John Stonestreet)

By Padraic Halpin and Julian Baker

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
10:08aOFFICE OF SURFACE MINING RECLAMATION AND ENFORCEM : BLM and OSMRE seek comments on Coyote Creek coal lease application Environmental Assessment Scoping
PU
10:05aIran says Trump cannot bring oil prices down by 'bullying'
RE
10:02aJapan's Inpex to load 1st LNG cargo from Ichthys project this week - sources
RE
09:59aItalian budget forces banks to spread IFRS9 losses over 10 years
RE
09:49aHSBC UK Pension Scheme to invest 250 million pounds in wind and solar
RE
09:43aUncertain Brexit endgame keeps big sterling bets off agenda
RE
09:43aESCAP ECONOMIC AND SOCIAL COMMISSION FOR ASIA AN : Regional Cooperation Critical for Sustainable Development in South Asia
PU
09:43aUFU ULSTER FARMERS' UNION : Further case of Bluetongue in Great Britain a concern, says UFU
PU
09:38aEBRD EUROPEAN BANK FOR RECONSTRUCTION AND DEVELO : brings Trade Ready to Georgia
PU
09:31aDollar rises on firmer U.S. yields; yuan struggles
RE
Latest news "Economy & Forex"
Advertisement