National Treasury Management Agency sale at below 1% yield

Debt issuer the National Treasury Management Agency sold €1bn of 10-year debt to investors yesterday at a yield or interest rate just below 1%, reflecting in part the worldwide flight to safety into government securities, as stock markets tumbled again.

However, Ryan McGrath, senior trader at Cantor Fitzgerald Ireland, said that there was evidence of decreased demand in the latest auction, also reflecting the extent to which investors of all asset classes have become spooked.

The NTMA sold the bonds at a yield of 0.999%, and there was €1.8bn worth of bids for the auction.