NTMA to sell €500m of bonds on Thursday

Ireland will return to the bond markets on Thursday with a €500 million auction of treasury bills, the National Treasury Management Agency (NTMA) announced today.

It will be the NTMA’s fourth auction of Government debt this year, and a further test of Ireland’s ability to raise funds from capital markets.

The monthly auction of three-month treasury bills follows a similar deal last month, when the NTMA sold €500 million in treasury bills at an annualised yield of 0.24 per cent.

Last month’s auction was significantly over-subscribed, with total bids of €1.706 billion received.

Subject to market conditions, the NTMA said Thursday’s auction would be followed by two further auctions in the second quarter.

The NTMA has set a total funding target of €10 billion for 2013, as Ireland prepares its exit from the EU-International Monetary Fund bailout programme.