Irish Life sells €20m bond product to defined benefit pension scheme

Irish Life has sold a sovereign annuity bond with a value of roughly €20m to a defined benefit pension scheme.

Last summer, the National Treasury Management Agency said it would issue up to €5bn of amortising and inflation linked bonds to attract Irish pension funds to Irish debt.

Linked to Irish government bonds, these products offer higher yields than are available from the German and French bonds, which traditionally underpin annuity products, said Irish Life.