LONDON (MNI) – Ireland has raised E15.0 billion in long-term bond
funding in the six months to the end of June 2010 and, as a result,
begins the second half of the year in a very strong funding position,
the National Treasury Management Agency (NTMA) announced.
In its mid-year business review, the debt agency said: “when
strong sales of the retail State Savings products are factored in, more
than 80% of the planned E20 billion borrowing in 2010 has already been
raised”.
“Taking the maturity profile of the NTMA’s short-term borrowing
into account, the Exchequer is fully funded through the first quarter of
2011″, the NTMA added.
The NTMA also said that international investors hold some 80% of
its long-term debt, having undertaken “an extensive marketing campaign”
and a “comprehensive round” of meetings and presentations to investors
in Europe, North America and the Far East.
“The NTMA’s policy of maintaining large cash balances has
underpinned investor confidence and provided valuable flexibility in the
timing of its borrowing during 2009 and 2010. Cash balances were around
E20 billion at end June 2010″.
At 30 June 2010, Ireland’s National Debt stood at E84.0 billion,
added the NTMA.
–London newsroom: 00 44 20 7862 7494; email: nshamim@marketnews.com
[TOPICS: MNXAU$,M$X$$$,MFXBO$,MGX$$$,M$$FI$]