Ireland reopens euro SSA market with a vengeance

Ireland’s stunning Eu7bn 11 year bond proved that investors are ready to commit to the market again, but the borrower had to pay up. The deal came at 50bp over Bunds or around mid-swaps less 2bp-3bp, which is unprecedented for a triple-A sovereign. Investors obviously loved it, though, as the book reached a massive Eu11bn.