Ireland’s Debt Agency to Sell 2017 Bond in ‘Massive Step’

Ireland’s National Treasury Management Agency said it will seek to raise money through a syndicated tap of its 2017 Treasury Bond “in the near future, subject to market conditions.”

A syndicated tap is the sale, at a pre-determined price, of additional amounts of an existing bond through a number of appointed banks and is open to all institutional investors, the Dublin-based debt agency said in an e-mail statement today. The NTMA hired Barclays PLC, Danske Bank A/S, Davy, Royal Bank of Scotland Group Plc and Societe Generale SA as joint lead managers for the transaction.

The sale will “mark a massive step in Ireland’s long process of fully regaining long term bond market access, and fully normalising its primary market issuance, in 2013,” said Owen Callan, an analyst with Danske Bank.

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