State seeking to raise €750m in bond sale this week

The State is seeking to raise up to €750 million through the auction of Irish treasury bills on Thursday, the National Treasury Management Agency (NTMA) has announced.

The bills will matures on August 22nd, 2022. The latest auction will be conducted on the Bloomberg Auction System, and is confined to recognised primary dealers. It will open at 9am and close at 10am.

The auction comes a month after the NTMA raised €3.5 billion selling 10-year bonds, completing more than a third of its minimum full-year funding target less than two weeks into 2022.

The agency aims to raise €10 billion-€14 billion in international bond markets in 2022, marking a decline of up to 46 per cent on the amount raised last year as the Government’s Covid-related spending eases.

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From a budget surplus in 2019, the Government deficit ballooned to €18.4 billion in 2020 before narrowing in 2021 to about €9 billion.

The total fiscal response to the Covid-19 crisis so far has amounted to €48.4 billion, or 12.9 per cent of GDP, with more than 80 per cent directed at supporting employees, households and businesses as well as increased health and capital spending.

The auction will be conducted on the Bloomberg Auction System and will be confined to recognised primary dealers and eligible counterparties.