First public auction of govt debt since bailout underway

First public auction of govt debt since bailout underway

This morning sees the first full public auction of Irish government debt since the end of our bailout.

€1bn worth of 10-year bonds will be up for sale until 10am.

It comes a day after our cost of borrowing reached a record low at 3.01% for 10-year loans.

David Beaton from Cantor Fitzgerald stockbrokers said bond yields had also been falling in Spain, Italy and Portugal.

"There is a renewed confidence and cautious optimism coming in about the recovery that's going on in Europe," he said.

"The move by the NTMA to auction this €1bn is very positive. We expect to see (the auction) strongly over-subscribed. It also leaves them in the nice position for the rest of the year that they only require about €3.25bn of funding."

More on this topic

'Good beers' and trust helped bailout programme: Lagarde'Good beers' and trust helped bailout programme: Lagarde

ECB threatened to cut off emergency funding for banks in 'secret' Nov 2010 letterECB threatened to cut off emergency funding for banks in 'secret' Nov 2010 letter

Decision on when to release bailout letter to be made next weekDecision on when to release bailout letter to be made next week

ECB: Not in public interest to release 2010 bailout letterECB: Not in public interest to release 2010 bailout letter

More in this Section

Food dominates exports to BritainFood dominates exports to Britain

Wetherspoon to invest €30m in Ireland in 2020Wetherspoon to invest €30m in Ireland in 2020

Population to drive demand for 34,000 new homesPopulation to drive demand for 34,000 new homes

Joe Gill: Confidence is key in current economic climateJoe Gill: Confidence is key in current economic climate


Lifestyle

Ray Liotta never planned to be an actor. He only signed up for drama classes in college in a bid to dodge the more academic subjects, and didn’t make his first film until he was 30.Both sides now: Ray Liotta on his 40 year career

I am Jesus Christ! No, don’t worry, this writer’s ego isn’t quite that big. We won’t be turning water into wine. Rather, ‘I Am Jesus Christ’ is the name of a new game just announced on Steam.GameTech: The new video game 'I am Jesus Christ'

Johnny ‘Fang’ Murphy, frontman with Cork group The Stargazers, tells Ellie O’Byrne about the cultural milestones on his musical journey.Getting into the swing of things: Johnny 'Fang' Murphy on his musical journey

Clean skincare is cleaning up, but does it even mean anything in particular?The Skin Nerd: When clean does not always mean better

More From The Irish Examiner