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7-year IGB / 10-year Green IGB

IRELAND AUCTION PREVIEW
  • The NTMA will come to the market today to sell a combined E1bln of both the 7-year IGBs and 10-year Green IGBs.
  • On offer will be:
    • 0.90% May-28 IGB. ISIN: IE00BDHDPR44
    • 1.35% Mar-31 Green IGB. ISIN: IE00BFZRQ242
  • Auction history: The 0.90% May-28 IGB has not been issued recently. However the 1.35% Mar-31 green bond was launched by syndication in 2018 and has since only been re-opened twice. Most recently by auction on 10 September 2020 where E1bln was sold with a bid-to-cover of 1.82x at a yield of -0.098%.
  • RV: Green: The 10-year Green Bond had a "greenium" of between 0-2bp relative to the 0.20% Oct-30 IGB until the announcement of this auction. Since the announcement, the greenium has fallen to -0.5bp at the time of writing, but we would expect after the auction to return back to the prior range. We note that there is still very high demand for green bonds in general.
  • RV: 7-year: Comparing the 0.90% May-28 to the off-the-run 0.50% Feb-28 Bund the spread is close to the widest it has been this year (just under 34bp at the time of writing). This spread has widened over the past month from being in the low 20bps area, peaking above 35bp at the end of October. With the more dovish BOE meeting translating to less concerns of monpol tightening on 4 November, the spread fell back below 27bp but has been creeping up again since.
  • Timing: Results will be available shortly after the auction closes at 10:00GMTBST / 11:00CET.
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