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Free AccessIreland re-opens the...>
IRELAND BOND AUCTION PREVIEW: Ireland re-opens the 0.9% May-28 IGB for E1.0bln
- BACKGROUND: This will be the sixth tap of the 0.9% May-28, which is the
10-year benchmark with E6.86bn currently outstanding. Ireland is well ahead on
issuance for this year with 78% of the 2018 target already met.
- RV/HISTORY: IGBs have broadly rallied since the beginning of the year and the
curve has flattened. The 2s10s spread has narrowed to 133.0bps from a YTD high
of 156.0bps. The 0.9% May-28 currently trades at 0.885%, in the middle of the
2018 range and 0.6bps inside the comparable EUR swap. For comparative purposes,
at the last auction of this issue E0.95bln was allotted at an average yield of
0.82% and bid-to-cover ratio of 1.75.
- REDEMPTIONS: There are E15.2bln in EGB redemptions this week which may provide
some support to the auction.
- TIMING: Results are due shortly after the auction closes at 0900GMT
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.