NTMA to issue bond soon

The NTMA will most likely issue a 10-year bond in the very near future to take advantage of the positive market sentiment towards Ireland following the agreement reached with the ECB over the restructuring of the promissory notes, says Lorcan Roche Kelly, chief European strategist with the US hedge fund, Trend Macro.

Yields on long dated Irish sovereign debt dropped below 4% before trading closed yesterday.

Mr Roche Kelly said the investment community’s perception of the deal was the it was a ‘five out of 10’ for what Ireland needs in terms of putting its debt on a sustainable path, but it was a ‘10 out of 10’ for achieving this deal.