Ireland`s NTMA taps....>

IRELAND BOND AUCTION PREVIEW: Ireland`s NTMA taps the 0.90% May-28 IGB and 2.00%

Feb-45 IGB on Thursday for a total of between E1.0-1.25bln.

- BACKGROUND/HISTORY: Ireland last tapped the May-28 on May 10, selling E0.5bln

at 0.96% average yield and 2.48x cover ratio. Thursday will mark the fourth tap

of the 10-year since it was launched in January. The Feb-45 was last sold in

Nov-18, yielding 1.70% at a 1.52x cover ratio. Cover ratios for IGB taps in 2018

have averaged 2.4x. Ireland has completed 70% of its planned 2018 issuance; this

would rise to 78% if NTMA sells at the high end of its target range of E1.25bln.

- RV: The Irish curve has bull flattened since the last IGB auction on May 10,

with the 10-year May-28 outperforming, rallying 11.5bps to 0.810%, and the

Feb-45 yield falling 9.3bps to 1.615%. The May-28's spread over German Bunds has

come down from a high of 72.5bps set in late May to 52bps, but this is still

elevated compared with the 37-47bps range seen between January-May prior to the

Italian political crisis.

- TIMING: Auction results are due around 0910GMT.