Bond swap reveals reputation rise
Before yesterday’s announcement, the agency was due to repay around €12bn worth of Irish government debt to bondholders during 2014 — just a year after the end of the EU/IMF funding programme. This agreement, however, sees the NTMA effectively park €3.53bn in repayments until 2015, when previously no repayments were scheduled.
Yesterday’s successful bond swap exercise marked the first time the agency — which is responsible for managing Ireland’s national debt — has engaged in the international bond markets for 16 months, and comes ahead of a gradual return by the end of this year.
