Ireland back in the debt Market!

slasher · **Posted:** Tue Jul 03, 2012 1:30 pm

Quote:

Ireland to sell 3-month T bills
By Jamie Smyth in Dublin
Dublin will return to international debt markets on Thursday for the first time since it was forced into a European Union and International Monetary Fund bailout when it holds an auction for three-month treasury bills.
Ireland’s National Treasury Management Agency said on Tuesday it would sell €500m worth of bills maturing on October 15 in the first debt auction it has held since September 2010.

http://www.ft.com/cms/s/0/91222ecc-c4f9 ... z1zZ9R3G56

genki33 · **Posted:** Tue Jul 03, 2012 1:59 pm

Very very small first step: http://trueeconomics.blogspot.ie/2012/0 ... iasms.html

YorkieBar · **Joined:** Oct 25, 2011 **Posts:** 1228

NTMA was laughed at this time last year when they suggested they might be back in the market by 2013.

johnnyone234 · **Posted:** Tue Jul 03, 2012 3:38 pm

YorkieBar wrote:

NTMA was laughed at this time last year when they suggested they might be back in the market by 2013.

Even greece and portugal can sell 3 month bills

anewdawn · **Joined:** Jan 7, 2012 **Posts:** 85

johnnyone234 wrote:

YorkieBar wrote:

NTMA was laughed at this time last year when they suggested they might be back in the market by 2013.

Even greece and portugal can sell 3 month bills

The baud Laura Noonan got spanked ( oo err missus) by Gurdgiv, whelan, Lucey and Kinsella when she gushingly praised this as Irelans being back. Kinsella put up a post in irisheconomy linking to basic bill/bond market lecture notes.

Braighni · **Joined:** Feb 27, 2007 **Posts:** 1452

So suppose we sell €500m at 6.3% (APR?).

We're paying €7.875m for a bit of good PR.

Am I right?

Even in government spending terms €7.8m could buy a lot of PR consultancy.

lord vader · **Joined:** Jul 6, 2006 **Posts:** 1963

anewdawn wrote:

johnnyone234 wrote:

YorkieBar wrote:

NTMA was laughed at this time last year when they suggested they might be back in the market by 2013.

Even greece and portugal can sell 3 month bills

The baud Laura Noonan got spanked ( oo err missus) by Gurdgiv, whelan, Lucey and Kinsella when she gushingly praised this as Irelans being back. Kinsella put up a post in irisheconomy linking to basic bill/bond market lecture notes.

poor laura, i wonder did she sit the junior cert?

FAUGH45568 · **Joined:** Jun 5, 2008 **Posts:** 1485

just show you the amount of spin that is being blown out of the governments arse hole..

What about the great debt deal we got there last week, still waiting on what this great deal is...

FAUGH45568 · **Joined:** Jun 5, 2008 **Posts:** 1485

from above link

Quote:

In this latter case, of course, the motivation can be to simply 'generate feel-good news' by the Government that 'Ireland is back to the (bond) markets'...

Interesting we are trying to bluff our way back to recovery!

Conflicted · **Joined:** Apr 23, 2012 **Posts:** 564

Probably a lot of this will end up on aib's balance sheet so at least the state might get some benefit of the high yield

Don't think connected party transaction phrase goes near what's going on here

Maybe this trade should be called an 'insider related party carry trade'

Howver, I am a fan at how quickly ntma moves when they sniff an opportunity

SickCulture · **Joined:** Apr 7, 2012 **Posts:** 17

FAUGH45568 wrote:

from above link

Quote:

In this latter case, of course, the motivation can be to simply 'generate feel-good news' by the Government that 'Ireland is back to the (bond) markets'...

Interesting we are trying to bluff our way back to recovery!

These guys in FG &Labour are worse than FF for spin. Enda's wife was a spin doctor no?She probably gets him to recite positive afformations to himself in mirror whilst shaving in morning. Sounds like the cabinet are getting regular pep talks from a positivity guru or something "perception is reality" " wish for it and the universe will deliver" etc etc . Bolloxology.

BuffaloSoldier · **Joined:** Feb 1, 2010 **Posts:** 733

SickCulture wrote:

These guys in FG &Labour are worse than FF for spin. Enda's wife was a spin doctor no?

No.

Quote:

She probably gets him to recite positive afformations to himself in mirror whilst shaving in morning. Sounds like the cabinet are getting regular pep talks from a positivity guru or something "perception is reality" " wish for it and the universe will deliver" etc etc . Bolloxology.

Bollox indeed. If I want to read this sort 'analysis' there's always Politics.ie.

Ultimately the decision to dip into the market was an NTMA decision, not a government decision, regardless how much the government approved of it.

sorehead · **Joined:** Dec 12, 2007 **Posts:** 596

Quote:

So suppose we sell €500m at 6.3%

The rate is less than that for short term, 1 year is around 4.3% now.

A 3 month is less again maybe less than 3%?

The NTMA bond sellers get over praised, being a bond salesman isn’t as intellectually demanding as the payrate might indicate, and they’ve had little else to do for a couple years except watch Irish bond rates. They’re sharp by DoF standards I suppose though.

ArikV · **Joined:** Aug 6, 2009 **Posts:** 52

Good luck to the country today, jokes and cynicism aside, the country needs to try and regain it's sovereignty at some stage so better start working on it as soon as possible.

Braighni · **Joined:** Feb 27, 2007 **Posts:** 1452

sorehead wrote:

Quote:

So suppose we sell €500m at 6.3%

The rate is less than that for short term, 1 year is around 4.3% now.

A 3 month is less again maybe less than 3%?

The NTMA bond sellers get over praised, being a bond salesman isn’t as intellectually demanding as the payrate might indicate, and they’ve had little else to do for a couple years except watch Irish bond rates. They’re sharp by DoF standards I suppose though.

Thanks for that. I see that namawinelake has estimated it at 2%.

If it's not for PR he argues that it should have been borrowed from nama who are only paying 0.9% on their debt.

Ireland back in the debt Market!

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