Ireland enjoying interest in money markets as debt office mulls exchange
Ireland’s capital market renaissance spread to the very short end of the curve this week, as it sold its largest piece of commercial paper outside its home currency in two years. Meanwhile, the sovereign is also seeking to reduce its near term redemption pile as part of its recovery process after coming off International Monetary Fund and European Union support last year.
The country’s National Treasury Management Agency sold a $300m 72 day clip of CP on Wednesday, Ireland’s largest deal in a non-euro currency since mid-2012. Demand for Ireland’s CP has risen in conjunction with its credit rating this year, according to an NTMA spokesperson.