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Ireland back in the markets ?


Pat Gill

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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 ??
 

sic transit

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Ah the bad news boys in already . :) Sounds good to me. Be interesting to see how BOI go today.
 

Analyzer

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Partizan

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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."
 

daveL

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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?
 

Dreaded_Estate

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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 ?
Then we would see large increases in the banks holdings of Irish government bonds in their accounts, yet we don't.
 

Partizan

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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 ?
Its called engaging in the elusive art of can kicking. We have the pollyannas and Eurotrons here who think that piling more bank debt on existing debt in bailing out our zombie banks is the answer to all our problems. Folks it aint. It is only delaying the inevitable, an unmerciful crash. Anyone who veers off the general narrative is called a doom monger etc. Flashback to 2007 with Bertie telling those who questioned the perceived economic wisdom to go off and commit suicide. It seems that many here havent learned a ************************************g thing.
 

Analyzer

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and now a little bit of reality for everyone.
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."
Tut...Tut....Stephen Donnelly talking to Harvard professors.

I presume you did not know that Baldy Noonan went to a party in honour of JP's horse, and that is where he gets his economics.

I bring you the FG/ILP team of economics geniuses.

Baldy Noonan (who failed in every job he ever held) (we will compensate Eircom Shareholders, taxidrivers, etc...).
Brian Hayes(who thinks this country needs another real estate boom, and who wrote an article "Why Ireland needs FF").
Moan Burton("we are in a recession because we've run out of money").
Baby Brute (check his investment record to see how much he really knows about economics).
 
Last edited:

odlum

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Ireland has been back in the market since July. The sovereign anyway. The yields are ticking down.


The ESB auction was a success yesterday. The BOI looks like it will get a 3 year bond away at around 3.25%. This is important because it is the first time in 2 years an Irish bank has gone to the market for funds. So it's on the way to independence of the taxpayer. Also it is the first Irish bank to issue unguaranteed bonds. So BOI is on it's way out of the government guarantee.

Even Constantin is upbeat *shock*

https://twitter.com/GTCost/status/268309013878415361


The NTMA is issuing a further €500m of 3 month T-bills on Thursday. Yield last time was 0.7% with bid to cover 3.5. Whilst a very good result compared to the other "PIIGS" they will be hoping the yield is even lower and the btc higher.
 

Partizan

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Tut...Tut....Stephen Donnelly talking to Harvard professors.

I presume you did not know that Baldy Noonan went to a party in honour of JP's horse, and that is where he gets his economics.

I bring you the FG/ILP team of economics geniuses.

Baldy Noonan (who failed in every job he ever held) (we will compensate Eircom Shareholders, taxidrivers, etc...).
Brian Hayes(who thinks this country needs another real estate boom, and who wrote an article "Why Ireland needs FF").
Moan Burton("we are in a recession because we've run out of money").
Baby Brute (check his investment record to see how much he really knows about economics).
The so called crap from Baldy and Inda about us turning it around and returning to the markets is nothing but spin, spin spin. The type of spin that would have made Tony Blair's handler's blush with embarrassment. The markets will eventually see through Baldy's bluster and we wont be left with the clothes on our back when it is all over. The fundamentals dont support it.
 

Partizan

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Jan 5, 2005
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7,830
Ireland has been back in the market since July. The sovereign anyway. The yields are ticking down.


The ESB auction was a success yesterday. The BOI looks like it will get a 3 year bond away at around 3.25%. This is important because it is the first time in 2 years an Irish bank has gone to the market for funds. So it's on the way to independence of the taxpayer. Also it is the first Irish bank to issue unguaranteed bonds. So BOI is on it's way out of the government guarantee.

Even Constantin is upbeat *shock*

https://twitter.com/GTCost/status/268309013878415361


The NTMA is issuing a further €500m of 3 month T-bills on Thursday. Yield last time was 0.7% with bid to cover 3.5. Whilst a very good result compared to the other "PIIGS" they will be hoping the yield is even lower and the btc higher.
Collateral from where? What vital service will be cut back, state asset sold or debt rolled over to pay for this?

Merkel wants her pound of flesh and it doesnt matter how many beds will close or carers to be axed to achieve this but Inda said we will pay everything back.

The last person leaving can they please turn out the lights.
 
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