NTMA to sell up to €1.25bn of debt on Thursday

The State’s debt agency plans to raise up to €1.25 billion of debt on Thursday, meaning it would have raised almost 60 per cent of its full-year bond sales target by the end of this week.

The National Treasury Management Agency said it plans to sell between €1 billion and €1.25 billion of bonds due in 2022 and 2026.

The NTMA raised €4 billion through a bond sale early last month and targets between €9 billion and €13 billion of debt issuance for the entire year.

Largest bond auction

While the NTMA’s website was down at 10am, it is believed that this is the largest bond auction since the State emerged from its international bailout since the end of 2013.

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The auctions will take place against rising bond yields internationally, with the yield on the Republic’s benchmark 10-year bonds having risen to 1.18 per cent from 0.74 per cent at the end of last year.