NTMA auction raises €500m

The National Treasury Management Agency (NTMA) successfully tapped the markets for a further €500m in three-month treasury bills yesterday.

The auction was 3.6 times oversubscribed at €1.8bn in total bids received. The annualised yields on the issue was 0.7%.

Dublin-based Owen Callan, senior dealer at Danske Markets, said, “This issuance brings to €14.34bn total issuance from the NTMA this year and provides the agency with an enormous cash buffer of approximately €25bn, when coupled with its commercial paper programme.