Ryan McGrath at Cantors in Dublin worked out...>

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"