NTMA raises €4bn at record low interest rate

The National Treasury Management Agency sold €4bn of seven-year debt yesterday, covering around a third of its planned issuance for the year and refinancing at record low rates some of the funds that kept its economy afloat in 2010.

Among the first eurozone countries to mandate banks to kick off their funding for the year, the NTMA sold the debt via syndication at a yield of 0.87%.

It was aiming to raise between €3bn-€4bn. Investors bid for around €5.75bn, according to one lead banker.