Noonan hails 'extraordinary' response to Ireland's 10-year bond sale

Noonan hails 'extraordinary' response to Ireland's 10-year bond sale

The Finance Minister Michael Noonan has described as "extraordinary" the response to Ireland's first 10-year bond sale since the Troika bailout.

The minister said "we're well on our way" to leaving the programme.

It is understood that the Government had hoped to borrow around €3bn and there were offers totalling €12bn.

Mr Noonan said, after discussions with the National Treasury Management Agency, we will now borrow €5bn.

The average interest rate is expected to be around 4.15%, well below the highs of more than 14% when we were forced into the bailout.

The move means the country is now all but financed up to the end of next year, a remarkable change to where we were three-and-a-half years ago.

This was the first time the National Treasury Management Agency attempted to borrow money for 10 years since the autumn of 2010.

Back then we effectively got locked out of the long-term bond markets when the interest we woud have to pay went higher and higher.

Once the bailout happened the interest rate demanded climbed to over 15%.

More in this Section

Tory Party chairman James Cleverly: Jamie Oliver’s restaurant collapse not about BrexitTory Party chairman James Cleverly: Jamie Oliver’s restaurant collapse not about Brexit

Cork-based delivery franchise seeks to tap online parcels surge     Cork-based delivery franchise seeks to tap online parcels surge

Elizabeth Warren is set to change US policies for business, even if she fails to secure tilt at presidencyElizabeth Warren is set to change US policies for business, even if she fails to secure tilt at presidency

Irish Whiskey wants to turn Brexit on its headIrish Whiskey wants to turn Brexit on its head


Lifestyle

Five things for the week ahead with Des O'Driscoll.Five things for the week ahead

From Liverpool’s beat-pop to Bristol’s trip-hop, Irish writer Karl Whitney explains the distinctive musical output of individual cities in the UK, writes Marjorie Brennan.Sounds of the City: The musical output of individual UK cities

As landlords’ enclosures of villages and commonages during England’s industrial revolution drove landless countrymen into the maws of the poet William Blake’s “dark Satanic mills”, a romantic nostalgia for the countryside began to grow.Damien Enright: Great writers took inspiration from walking

Take no risks, ‘do all the right things’, and you’ll lead a comfortable, but dull, existence. ‘Living dangerously’, on the other hand, yields ‘highs’ of excitement usually followed, alas, by pain andRichard Collins: Live fast and die young or last up to 500 years

More From The Irish Examiner