Has Ireland paid 20bp too much for its Eu7bn?

With a book of over Eu16bn and over 300 investors putting in orders, Ireland’s Eu7bn 15 year is an undoubted blow-out. The deal was also priced at the tight end of price talk — 165bp over mid-swaps against 165bp-170bp guidance. However, bankers away from the transaction say the pricing Ireland has paid at least 20bp too much. Read EuroWeek on Friday to find out why the NTMA felt it needed to be so generous.