This May, the National Treasury Management Agency launched a bond exchange programme to rationalize the country’s outstanding issues which, with a wide variety of maturities and values, were largely illiquid. New issues were launched across the curve, offering conversion terms for investors to return the old bonds in equivalent economic value for the new bonds.
The programme was well received by traders in Dublin, who said it was innovative, well supported by investors and that some 95% of the programme was taken up.
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