Nama to beat its 2020 target for €32bn debt

Nama is hoping to have nearly half of its senior debt of up to €15bn paid off by the end of this year, adding that it should comfortably pay off its entire €32bn debt ahead of its 2020 deadline, while also achieving a surplus for the taxpayer.

The agency announced plans yesterday to redeem €3bn worth of senior bonds within the next two weeks, with a similar amount targeted before end 2014.

The pending €3bn tranche will bring to 35% (€10.5bn) the amount of Nama’s total senior debt paid off; with almost 50% set to be done by the end of this year (including the €7.5bn which had been redeemed by the end of last year). Nama is also set to make a coupon payment worth €84m on its €1.6bn of subordinated debt.