The sovereign hit screens on Tuesday, mandating Citi, Danske Bank, Davy, JP Morgan, Morgan Stanley and Nomura to sell a May 2028 Reg S syndication.
The leads circulated initial price thoughts of 5bp area over mid-swaps and, thanks to a strong response from investors, were able to open books with guidance of mid-swaps plus 3bp area and indications of interest of over €10bn.
The leads set the spread at mid-swaps plus 2bp, flat to the curve, according to a head of SSA syndicate away from the trade.
Bank Nederlandse Gemeenten will follow Ireland to market, having picked BNP Paribas, Citi, DZ Bank, and JP Morgan to run the books for its own 10 year Reg S note. Initial price thoughts had not been released at the time of writing.
The European Financial Stability Facility has sent out a request for proposals for a deal expected next week. A head of SSA syndicate said he expected the trade to come in the short to medium part of the curve.
