Ireland on track for return to international debt markets

Greece is on the cusp of a disorderly default and Portuguese bonds are tanking as investors price in sharp haircuts.

But Ireland has successfully tapped international debt markets for the first time in 16 months.

Dublin has persuaded creditors holding €3.53bn of 2014 bonds to swap them for securities maturing one year later. The deal should make it easier for Ireland to return to debt markets in 2013 — as targeted under its IMF and EU bailout. Before the swap, Dublin would have needed to raise €24bn in 2014 alone, according to Glas Securities.