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10/30-year IGBs

IRELAND AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E1.00-1.25bln of 10/originally 30-year IGBs.
    • 0.35% Oct-32 IGB (ISIN: IE00BMD03L28)
    • 2.00% Feb-45 IGB (ISIN: IE00BV8C9186)
  • Market colour: 10-year IGB yields increased approx. 130bp since the beginning of March, reaching 1.850% on Monday, however, they have since fallen back over 32bp to 1.535% at time of writing.
  • The 2.00% Feb-45 IGB was originally launched as a 30-year IGB. Yields also saw a Monday high at 2.071%, and have decreased again to 1.824%.
  • Spreads to the 0% Feb-32 Bund have been in the 48-73bp range over the last three months, widening to a 73.5bp high on Monday and are currently back around 64bp.
  • Spreads to the 2.50% Aug-46 Bund widened to a high of 89.7bp on March 7 and have since fluctuated between approx. 73-88bp. At time of writing spreads stood at 83.7bp.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.

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