Last night, Ireland's NTMA released its.....>

IRELAND: Last night, Ireland's NTMA released its 2018 Funding plan which show a

E14-18bln of issuance next year including one syndicated deal.

- Ryan McGrath from Cantors in Dublin writes that Ireland's funding position is

very comfortable and the announced range is in line with his own forecast of

E15-19bln. He says that the government will end 2017 with a healthy E10-11bln

cash balance. Going forward that cash balance should stay at around E10bln.

- In terms of funding needs for the coming year. Ireland must refinance E9bln of

the 4.5% 2018 on top of a E2bln exchequer borrowing requirement. Cash for

buybacks of long dated FRNs and pre-funding the E13.5bln of maturities in 2019

make up the remainder according to McGrath.

- Cantors note that "Ireland has a history of coming to the market early in

January avoiding the issuance traffic during the busiest month of the year for

funding".

- Because it has been two years since a new 10Y has been issued, a January 

issue of an Irish 2028 via syndication looks probable.