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Ireland now back to long-term bond market: minister

07-27-2012 09:45 BJT

DUBLIN, July 26 (Xinhua) -- Irish Minister of Finance Michael Noonan said Ireland is now back to the long-term bond market following Thursday's auction of new and existing government bonds, which raised 5.23 billion euros (6.33 billion U.S. dollars).

On Thursday, Ireland's National Treasury Management Agency (NTMA), which is responsible for managing Ireland's national debts, issued its first new long-term bond since September 2010.

There were two products on offer, a new five-year bond carrying a yield of 5.9 percent and an expansion of the existing eight-year bond with a yield of 6.1 percent.

Noonan told Ireland state broadcaster RTE that the auction of bonds was a very significant step in building confidence toward the economy of Ireland. He said this auction marked the first time the NTMA had raised long-term funds in the market since September 2010.

He said the majority of investors in the auction were from overseas.

A good portion of the money came from the United States, but there was some investment from Europe too, he added.

Meanwhile, NTMA Chief Executive John Corrigan said he was very pleased with the transaction.

He said investors committed more than 4 billion euros (4.8 billion dollars) of new money to its first long-term issuance since September 2010, adding the auction marked a very significant step for Ireland on the way to full bond market access.

Earlier this month, the NTMA successfully raised 500 million euros (605 million dollars) in an auction of three-month bonds at a yield of 1.8 percent.

Editor:James |Source: Xinhua

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