NTMA to raise cash for IMF loans

The NTMA has said it may raise extra funds — via a syndicated bond issuance — to facilitate the start of an early repayment of Ireland’s IMF loans before the end of the year.

As part of a statement — ostensibly aimed at announcing long and short- term debt auctions for this month and next — the agency said: “Subject to satisfactory progress, with respect to the protocols required to facilitate early repayment of part of Ireland’s IMF programme loans, the NTMA may execute a syndicated bond transaction of benchmark size during the quarter.”

No figure has been mentioned, but it is understood “benchmark size” would equate to around €3bn.