Free Trial

Ireland's NTMA taps....>

IRELAND BOND AUCTION PREVIEW
IRELAND BOND AUCTION PREVIEW: Ireland's NTMA taps E1.0-1.25bln of Irish 0.9%
May-28 and Irish 1.7% May-37 on Thursday. 
- BACKGROUND: Ireland is already 25% of the way through their 2018 funding plans
in the 6th week of the year and after today, this percentage could be as high as
33%. The new 0.9% May-28 was only launched a month ago in a syndicated deal in
which E4bln was sold against a E14bln order book.
- RV/HISTORY: The spread between the two auction securities is at its low of
49.7bp and may push investors to the shorter end. The exceptionally good demand
for 10Y Finland and 10Y EFSF syndications also suggests that the demand is
probably at the more liquid 10Y area given the recent volatility in the market.
The re-offer yield of the 10Y was 0.94% and compares to 0.66% today. For the
2037, the auction in September last year was at a yield of 1.655 and 1.7x cover
ratio. 
- RESULTS: The auction closes at 1000BST with results around 15 minutes later.

To read the full story

Close

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.