Nama redeems €1bn of senior debt

The National Asset Management Agency yesterday redeemed another €1bn of senior debt in its first such move of 2015.

The redemption brings to €17.6bn the amount of senior debt redeemed to date — 58% of the €30.2bn of the total issued in 2010 and 2011 to acquire loans from the banks. Last July, Nama set an updated debt redemption target which would see it redeem 80% of its senior bonds by 2018. Last year, Nama repaid €9.1bn in senior debt with improving fortunes helping it speed up the redemption pace.

Meanwhile, the Central Bank yesterday released a breakdown of the holders of government bonds. The nominal value outstanding of government bonds was €120bn at the end of January.

This represented an increase of more than €3.66bn in the month from the end of last year, mainly due to the issue of a new government bond in January.

Residents hold almost 44% of government bonds with credit institutions and the Central Bank accounting for €9 out of every €10 held by those residents.

Non-resident financial sector companies reported holdings of €2.84bn while other financial intermediaries stood at €1.09bn. Almost 14% of the €120bn worth of bonds is due to mature in under three years.

A third of outstanding bonds will mature in the next five years.


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