Ireland's NTMA taps....>

IRELAND BOND AUCTION PREVIEW: Ireland's NTMA taps E1.0bn of Irish 0.0% Oct-22

and 0.9% May-28 on Thursday. 

- Background: This is the second tap of the Oct-22 (E4.5bn outstanding) and

third for the Oct-28 (E5.375bn outstanding). Alongside Portugal, Ireland's

issuance programme is ahead of all other Eurozone member states, with 64% of the

2018 total already sold. 

- RV: The yield on the May-22 issue has edged 6bps higher since the 2018 low of

-0.006% on Apr 4 and is currently trading close to the middle of the -0.168% to

0.203% range. Meanwhile, the yield on the Irish May-28 bond has pushed up to

0.972% on May 10 from 0.944% at the beginning of the week and a low of 0.878% in

April. 

- History: Irish bond auctions have been well covered this year, with the

bid-to-cover ratio ranging between 1.5 and 3.5. The May-28 bond, in particular,

has seen strong demand with a cover ratio of 3.5 at issuance and 2.5 at the last

auction on Mar 8. 

- Results: The auction results are due at 0910GMT.