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10/12/30-year

IRELAND AUCTION PREVIEW

Ireland will come to the market today to sell E1.0-1.5bln bonds this morning.

  • 0% Oct-31: The benchmark 10-year was launched via syndication in January with E5.50bln sold from books of E40bln. It was then reopened in March for E1.05bln with a bid-to-cover of 1.83x.
  • 1.30% May-33: This will be the first reopening of the 1.30% May-33 since July 2019 when E400mln of the issue was sold. It was originally launched in 2018 as a 15-year benchmark.
  • 1.50% May-50: The benchmark 30-year issue was originally launched via syndication in 2019 before being reopened via auction four times in 2020. It has also been sold via auction once in 2021, in March when it was sold alongside the 0% Oct-31 with E450mln sold with a bid-to-cover of 1.58x. With yields close to 1.00% at the time of writing, the yield at today's auction is likely to be substantially higher than the 0.79% highest achieved at auction.

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