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Thread: Ireland back in the markets ?

  1. #1

    Default Ireland back in the markets ?

    Earlier in the year the NTMA successfully dipped its toe back into the markets and is due to repeat that exercise soon.

    Yesterday a €500 million 7 year ESB bond issue was oversubscribed 12 times ESB Finance Bond Garners High Demand as Investors Chase Yield | Fox Business the ESB will pay 4.5% for this money.

    This morning we hear that B of I are going back to the bond markets seeking circa €1 billion at 3.5%.

    Now we are getting decent press coverage in the US like this article in the Chicago Tribune,

    DUBLIN/LISBON (Reuters) - Portugal is going to have a tough time following fellow euro zone bailout beneficiary Ireland's route back into the bond markets.

    Its first post-bailout venture -- a bond swap -- was right out of the Irish playbook. But further down the road subdued attempts to woo investors and deeper fiscal woes stand in Lisbon's way.

    Portugal last month carried out the bond swap in an identical manner to the one Ireland ran in January. The Irish move later kicked off a flurry of bond activity in Dublin which included another swap, a first amortizing issue and the pinnacle -- the raising of new long-term debt

    "The NTMA is more active and more transparent in talking to investors, but it could be a bit of an unfair comparison. The Irish really have to do it now," said David Schnautz, strategist at Commerzbank in New York, referring to a steep post-bailout funding cliff that Dublin has almost fully tackled.

    "But just being open to be contacted is not enough. Ireland for example has flagged the types of clients it plans to target. We would not mind getting more information out of Portugal."

    Analysis: Tough task for Portugal to match Ireland's bond success - chicagotribune.com
    Early days, but is there now light at the end of the tunnel ?

    Can we beat Greece tomorrow ??
    Best regards, Pat.Twitter-energy economy news _ _ Each to their ability, together we progress.

  2. #2
    Politics.ie Member emulator's Avatar
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    It depends who's buying the bonds....

  3. #3
    Politics.ie Member Partizan's Avatar
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    Quote Originally Posted by emulator View Post
    It depends who's buying the bonds....
    That will be the ECB.

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    Politics.ie Member sic transit's Avatar
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    Ah the bad news boys in already . Sounds good to me. Be interesting to see how BOI go today.
    "There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." Ernest Hemingway

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    Politics.ie Member
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    Quote Originally Posted by Partizan View Post
    That will be the ECB.


    Is the ESB paying the ECB 4.5%

  6. #6

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    Quote Originally Posted by Partizan View Post
    That will be the ECB.
    How do you know that?
    Redacted.

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    Politics.ie Member Analyzer's Avatar
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    Quote Originally Posted by emulator View Post
    It depends who's buying the bonds....
    Quote Originally Posted by Partizan View Post
    That will be the ECB.
    No. Not just the ECB. The (state owned) Irish banks also buy bonds in the state that is bailing them out from time to time.

    Double jeopardy ?
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Politics.ie Member Shqiptar's Avatar
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    Quote Originally Posted by Partizan View Post
    That will be the ECB.
    Link.....etc.???
    Eagla agus eaglais: an bhfuil an fhréamh teangeolaíochta céanna acu?

  9. #9
    Politics.ie Member Partizan's Avatar
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    and now a little bit of reality for everyone.

    Eddie Hobbs: Don't expect a great Celtic comeback any time soon - Analysis, Opinion - Independent.ie

    Stephen Donnelly TD: We're mad as hell and need to show it - Analysis, Opinion - Independent.ie

    LAST Tuesday I had lunch in Boston with four Harvard professors. I hoped to discuss one question: what can Ireland do to turn around our levels of national debt, household debt and unemployment? To my surprise, the view of Ireland's prospects was decidedly positive. We had taken the hard medicine, were closing the budget deficit and our economy was growing again.

    So I gave them the following two figures: 1) our gross national product (GNP) fell by 2.5 per cent last year and 2) our national debt was climbing towards 160 per cent of GNP. One of the professors paused, looked me in the eye and declared: "You're screwed."

  10. #10
    Politics.ie Member daveL's Avatar
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    Quote Originally Posted by Pat Gill View Post
    Earlier in the year the NTMA successfully dipped its toe back into the markets and is due to repeat that exercise soon.

    Yesterday a €500 million 7 year ESB bond issue was oversubscribed 12 times ESB Finance Bond Garners High Demand as Investors Chase Yield | Fox Business the ESB will pay 4.5% for this money.

    This morning we hear that B of I are going back to the bond markets seeking circa €1 billion at 3.5%.

    Now we are getting decent press coverage in the US like this article in the Chicago Tribune,



    Early days, but is there now light at the end of the tunnel ?

    Can we beat Greece tomorrow ??
    what exactly is the Irish playbook? And who has it?

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