In other times, a lumpy double-digit billion euro bond redemption would have had senior figures at the National Treasury Management Agency (NTMA)frantically working the markets over a period of months to put in place replacement funds to help finance the State.
The State agency and the Department of Finance would also have been busy trying to manage communications with key global media outlets and the ratings agencies to ensure the right messaging around the health and stability of the Irish economy and the State’s ability to repay its borrowings.
The 1 per cent treasury bond was issued in January 2016 as a 10-year benchmark bond in a €3 billion syndicated transaction at a yield of 1.16 per cent.
The yield reflected the low-interest rate environment of the time, supported by quantitative easing measures from the European Central Bank. A different era to today.
The bond was subsequently tapped on 11 occasions, the last one being in 2021, bringing it up to the €11 billion-plus range at redemption.
