NTMA bond sale raises €3.75bn

The NTMA added €3.75bn to the country’s cash pile through a 10-year bond at a yield of 3.543%, which was better than market expectations.

There was huge demand for the issue with final bids in excess of €14bn from a mix of 400 investors. The success of the first 10-year bond issue since exiting the bailout last month helped push yields on Irish 10-year debt down to an eight-year low. “We are now trading as an investment grade credit rating notwithstanding the Moody’s rating,” said John Corrigan, the NTMA chief executive.

Moody’s is the only remaining major credit rating agency to have Ireland on junk status.