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10/15-year IGBs

IRELAND AUCTION PREVIEW
MNI (London)

Ireland will come to the market today to sell a combined E1.0bln of 10/15-year IGBs.

  • On offer will be:
    • 0.35% Oct-32 IGB. ISIN: IE00BMD03L28.
    • 1.70% May-37 IGB. ISIN: IE00BV8C9B83.
  • Auction history:
  • Today’s auction will see the first reopening of the 10-year 0.35% Oct-32 IGB, which was launched via syndication on January 13 this year. The syndication saw E3.5bln issued at an average yield of 0.387%, with a book size of E27.0bln. The new 10-year IGB replaces the 0% Oct-31 IGB (IE00BMQ5JL65) which was launched via syndication in January last year for a larger E5.5bln and reopened five times over 2021. The most recent two reopenings were on October 14 and September 9. The October auction saw E450mln issued at an average yield of 0.184% and 2.73x bid-to-cover, whilst the September auction was for a larger E700mln, resulting in an average yield of 0.020% and bid-to-cover of 2.43x.
  • The former 20-year benchmark was launched in 2017 and was last reopened on June 10, 2021 and February 14, 2019, with auction sizes between E300-325mln. The June reopening saw E325mln issued at an average yield of 0.477% and 2.06x bid-to-cover. The second closest comparable auction is the reopening of the 0.30% May-35 IGB in October which saw E803mln of bids with E525mln sold (bid-to-cover of 1.53x).
  • Timing: Results will be available shortly after the auction closes at 1000 GMT / 1100 CET.
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