State seeking to raise €750m in auction of Treasury bills

The State is seeking to raise €750 million through an auction of Irish Treasury bills on Thursday, the National Treasury Management Agency (NTMA) has announced.

The bills will mature on December 20th. The auction will open at 9am, and will run for an hour. The settlement date for successful bids will be July 19th.

The auction will be conducted on the Bloomberg Auction System, and is confined to recognised primary dealers and eligible counterparties. A non-competitive auction will immediately follow the competitive auction and will close at 4pm.

Last month the agency raised €1.25 billion through the sale of Government bonds maturing in 2029, 2037 and 2045.

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The NTMA expects to raise up to €20 billion in bond markets this year to cover a budget gap caused by the Government’s response to the Covid-19 pandemic and potential fallout from Brexit.