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NTMA plans bond auction this week
08 Feb 2016 18:06
The National Treasury Management Agency has said it plans to auction €1 billion of 10-year bonds on Thursday.
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The NTMA sold €3 billion of 10-year debt in January, covering as much as half of its planned issuance for 2016.
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Meanwhile, Irish 10-year bond yields dipped today as an upgrade to the country's credit rating by Fitch countered selling pressure ahead of what is expected to be a close-run election on February 26.
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Fitch raised Ireland by one notch to A on Friday night.
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The Irish economy is forecast to be Europe's best performing for the third successive year in 2016 and Fitch cited growth last year of about 7% and improving debt dynamics as key drivers for the upgrade.
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The move will not trigger any buying by investors tracking bond indices. A Moody's upgrade of its Baa1 rating could have a bigger impact than the Fitch move.
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But analysts said it should provide some support for Irish bonds.
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Irish 10-year bond yields were two basis points lower at 0.99%.
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In recent weeks, the bonds have underperformed those of high-rated countries commonly referred to as "core", such as France, but also those of highly indebted "peripheral" countries such as Italy and Spain.
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