The National Treasury Management Agency (NTMA) said on Tuesday that it plans to hire a group of banks to market a large bond deal in April, at a time when the Government’s bill to fight the impact of Covid-19 on the health system and economy is rising.

It is expected that the deal will amount to billions of euro. The NTMA typically only uses a club of banks at the start of the year to get its funding programme underway. It raised €4 billion in January through such a syndicated transaction.

The agency, which handles the State’s national debt and funding requirements, also plans to carry out regular bond auctions on May 14th and June 11th.

The NTMA, led by Conor O’Kelly, said last week that it was well positioned to increase borrowing activity in the coming years from the economic disruption caused by the coronavirus pandemic. It’s previous objective of only raising between €10 billion and €14 billion has been abandoned.

At the end of February, the NTMA had €26 billion to fund this year’s €19 billion of bonds that fall due for redemption.


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