The National Treasury Management Agency has raised €3 billion through the sale of a new 30-year bond today.
Today's issuance could cover as much as half of the NTMA's modest annual funding needs with one transaction for the second successive year.
The NTMA, which plans to raise €6 billion to €10 billion on the debt market in 2025, said it sold the new benchmark bond at a yield of 3.154% after receiving more than €36 billion worth of orders.
The bond matures in October 2055 and it is the third 30-year benchmark bond issued by the NTMA and the first since May 2019.
Ireland has a relatively limited borrowing requirement again this year due to its large cash balances and the forecast for a fourth successive annual budget surplus - a rarity in Europe - which is estimated to hit 2.9% of gross national income.
The NTMA had mandated Danske Bank, Deutsche Bank, Goldman Sachs, Goodbody, HSBC and JP Morgan as joint lead managers on the deal.
The NTMA also said today it plans to hold its first bond auction of the year on March 20.
Dave McEvoy, the NTMA Director of Funding and Debt Management, said today's 30-year bond transaction demonstrates continuing strong investor appetite for Irish Government bonds.
"Owing to the Exchequer's healthy cash and liquid asset balances, and the projected Exchequer surplus, we expect to have a relatively limited borrowing requirement this year," Mr McEvoy said.
"The €3 billion raised today represents almost 40% of the mid-point of our 2025 bond funding range, leaving us well positioned to meet the Exchequer’s funding needs over the remainder of the year," he added.
