Ireland
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Ireland’s National Treasury Management Agency (NTMA) has increased its funding programme for the year by €10bn following measures announced by the government to counter the impact of the coronavirus pandemic. -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
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It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
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Ireland impressed on-looking supranational, sovereign and agency bond bankers on Tuesday as it received its largest ever order book for a syndication. It was not the only eurozone sovereign in the market as Cyprus printed seven and 30 year bonds.
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Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.
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A pair of sovereigns hit the MTN market to raise debt this week, looking for cash to meet increased borrowing requirements as they grapple with the coronavirus pandemic. Israel came to the MTN market this week printing paper to helpfund its Covid-19 response, while Ireland ventured out to the ultra-long end of the curve to print its fourth century bond.
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In spite of an equity sell-off on Wednesday morning, Portugal was warmly received when it hit the market on Wednesday, printing its largest ever single tranche deal and generating more orders than ever before. The deal should provide confidence for Ireland, which is also planning a syndication.
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C&C Group, the Irish drinks manufacturer and distributor behind brands like Magners, is set to debut in the US private placement market in the coming weeks, according to market sources.
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SMBC Aviation Capital, an aircraft leasing company, has closed a $600m dual-tranche borrowing with 14 banks.
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Davy has been appointed corporate broker to Flutter Entertainment, the FTSE 100 parent company of bookies Paddy Power and Betfair.
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