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IRELAND TODAY SOLD €1 billion worth of ten-year debt, with a recording-breaking low yield.
The ten-year bonds had been expected to sell with an interest rate of 3.018%. However, that figure was surpassed today, as the National Treasury Management Agency (NTMA), sold the bonds for a total yield of 2.967%.
In total, there were bids of over €2.8 billion for the government debt, with the NTMA’s John Corrigan saying the sale represents a successful return to the markets for Ireland.
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“The completion of today’s auction marks Ireland’s full return to the markets for the first time since September 2010 and brings to a successful conclusion the NTMA’s programme for a phased return to the markets carried out over the past two years.
“The €1 billion funding raised today, together with the €3.75 billion raised in the syndicated issue on January 7, amounts to almost 60 percent of our funding target of €8 billion for the full year.”
Previous high yield rates, which reached 15%, had precluded Ireland from borrowing from the markets, necessitating a Troika bailout. Seven per cent is seen as the upper amount a country should borrow at.
The restoration of Ireland’s credit rating by ratings agency Moody’s is seen as a major step on the road to recovery.
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the interest cost on the national debt alone is €7bn per year. when the next recession comes and global interest rates spike again, this country is screwed. Its like having a picnic in a minefield.
So the interest payments on existing debt is tied to the terms of the bonds as they’re issued. Interest rate fluctuations will effect new debt as it’s issued.
the capital debt is still increasing , which means there is no wiggle room when the next recession comes along. the economy can stumble along if absolutely nothing bad happens for the next 20 years.
The kitten in the microwave, to use another story here.
If there isn’t a deal done on the national debt, then Ireland and much of Europe will eventually go to the wall. Strong growth and low interest rates will not even prevent that.
The Euro crisis is on hold rather than being dealt with.
The financial industry is right back on track after extorting money out of sovereign nations but where is all the debt gone? Who has the receipts for all this cash it’s certainly not the banks. The bullshit will keep on flowing as the debt keeps moving up.
Prize bonds….a total waste of time, bought some a few years ago and still waiting for a win. I am beginning to think that nobody ever wins. Any of you heard of someone winning anything.
“Chancellor Angela Merkel’s Cabinet has approved a draft budget proposal that foresees no new borrowing after this year — the first time Germany would accrue no new debt since 1969.” news from yesterday
The Euro is perpetual crisis suits German needs as it keeps the currency weak and allows them to export out of the EU If they had the DM still Germany would not be able to do that.
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