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NTMA plans to issue up to €11bn of bonds next year

The NTMA's strong funding position means it does not currently expect to issue Treasury Bills during 2023
The NTMA's strong funding position means it does not currently expect to issue Treasury Bills during 2023

The National Treasury Management Agency says it plans to issue €7 billion to €11 billion of bonds over the course of next year.

The NTMA said it will issue a statement at the beginning of each calendar quarter outlining the bond auction plans for that quarter. It also intends to hold at least one syndicated bond deal during the year.

Its strong funding position means it does not currently expect to issue Treasury Bills during 2023.

Dave McEvoy, NTMA Director of Funding and Debt Management, said the agency's borrowing plans for next year reflect its strong cash balances, projections of an Exchequer surplus and a relatively low level of maturing debt in the coming year.

"We continue to have considerable flexibility in meeting Ireland's borrowing requirements," Mr McEvoy said.

"This stems from our long-standing strategy of pre-funding, having one of the longest maturity profiles in Europe and lower debt redemptions over the medium term."

"While recognising the potential for continued uncertainty, we are entering 2023 from a position of strength."

In September the NTMA said it had completed its 2022 funding programme earlier than expected due to its strong funding position.

The NTMA has issued €7 billion in long-term bonds for the year, below the €10 billion to €14 billion range it announced last December.