2013 return to bond market is unlikely, says broker

THE National Treasury Management Agency (NTMA) will not be able to return to the markets at the end of 2013 but will only need a mini-bailout to fund the running of the country, according to NCB Stockbrokers.

However, in a speech in Berlin yesterday, Minister for Finance Michael Noonan said: “My key message to you is that we want to move out of the EU/IMF programme and return to the markets at the earliest opportunity.

“Subject to market conditions, the NTMA plans to position itself to step up issuance at the short-end [i.e. treasury bills/commercial paper] in the second half of 2012. Ideally, and if market conditions allowed, the NTMA would hope to follow this up later with some longer-term issuance, once market access has been demonstrated. Full re-entry to the bond market would follow.”