NTMA to auction €600m of bond

THE National Treasury Management Agency (NTMA) said yesterday it would auction €600 million of its 4.5% 2020 treasury bond on September 15.

The auction - the NTMA’s first since June 2004 - will be confined to the nine recognised primary dealers, with a non-competitive auction for up to 20% of the amount sold remaining open until 9am on September 19.

“With maturing debt of some €1.6 billion to be refinanced and an Exchequer Borrowing Requirement of not more than €2.7bn in prospect the NTMA has a modest funding requirement for the year 2005,” it said.