This Reuters/NYT article highlights the role of NTMA roadshows in the return to market access - here.
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5 Responses to “Irish Debt Trio Eased the Way to Bailout Exit”
NTMA got a lot of criticism from some quarters on here in the last year or so but people need to realise part of their job is to try to keep the right side of market sentiment and prod it in the ‘right’ direction. That is very tricky and getting it right more than half the time is a result. If they had got ahead of the market that would have been a FU. I think they have actually been quite shrewd.
Michael Noonan said that the NTMA would finish this year with cash balances of nearly 22bn which now looks a conservative estimate. The cost of carry on these is high given the virtually zero yield on Treasury bills in Germany and the other core economies. So the NTMA must balance the need to reduce these next year with the desire to test the market again, probably early in 2014. The Government needs to borrow about 17bn next year to fund the EBR and repay maturing bonds.