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EGBS: Ryan McGrath at Cantors in Dublin worked out that assuming an ECB Irish
bond purchase rate of E500mln nominal per month, "the ECB has remaining head
room of 3.8 months to purchase further Irish government bonds, before hitting
the 33% purchases limit threshold. If as expected, the NTMA issues a further 3.5
billion Irish government bonds this year, taking the annual issuance to the top
end of the E9-13bln and cancels a further 2 trances of the existing FRNs, the
ECB can maintain purchases for a further 7.4 months from the end of August."
- The ECB looks to be almost the only game in town in Irish govt debt as McGrath
further calculated that "QE was responsible for up to 22.19% of 2020-2045 Irish
sovereign bond volume in August and 17.8% of the total Irish market"