Bond results to raise bailout concerns

THE latest monthly bond auction by the National Treasury Management Agency (NTMA) – results of which are expected today – is likely to heighten pressure on Government to clarify how much more money is likely to be pumped into Anglo Irish Bank.

Credit-default swaps (insurance against default) on Irish government debt rose for a ninth day, climbing 18.5 basis points to 302.5, the highest since March 2009, according to data company CMA.

Through its bond selling activity since the start of the year, the NTMA has already successfully met 90% of its proposed €20 billion borrowing target for this year and is fully funded up to the second quarter of 2011.