Business

State seeking up to €3bn from new 20-year bond

The Government plans to borrow €16 billion to €20 billion in 2021 to fund Covid-19 related expenditure. Photo: Miguel Medina/AFP via Getty

The State will seek to raise around €2-3 billion from a new 20-year bond, a market source said on Wednesday, after the country’s debt agency hired a groups of banks and brokers for its second syndicated sale of the year.

Ireland has raised €7 billion so far this year, mainly through a syndicated 10-year deal in January that investors piled into. It plans to borrow €16 billion to €20 billion in 2021 to fund Covid-19 related expenditure.

The debt agency said the transaction would be launched in the near future, subject to market conditions, language it typically uses when kicking off a syndicated sale the next day.

It mandated Barclays, BNP Paribas, Cantor Fitzgerald Ireland, Danske Bank, J.P. Morgan and Nomura as joint lead managers.

Source:

www.breakingnews.ie

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