Ireland's National Treasury Management Agency (NTMA) may break its tradition of early January bond sales in 2025 due to a low funding target and a strong government surplus.
State’s National Treasury Management Agency has been traditionally one of the first debt offices to sell bonds in January. The NTMA , led by chief executive Frank O’Connor, sold just €6 billion of bonds in 2024. Photograph: Bryan O’Brien The Government may depart from its recent tradition of being among the first euro-zone states to sell bonds at the start of the year given its low funding target in 2025, according to a primary dealer in Irish debt.
It comes at a time when other euro-zone countries are expected to flood the debt market this year with a record level of net new supply of bonds. (NTMA), which manages the State’s funding requirements, is likely to issue toward the “lower end” of its 2025 bond-sales target of between €6 billion and €10 billion, said Roderick McAuliffe, a bond trader with Cantor Fitzgerald Ireland. “We expect the NTMA to break with tradition and wait until later in January before bringing a new issue to market. There will be plenty of other sovereigns jockeying for position in the early days of the month while the NTMA have the luxury of biding their time, thanks to the strong funding position we find ourselves in,” said Mr McAuliffe.The NTMA has consistently been among the first national debt offices to launch multibillion-euro bond sales in early January, through syndicates of banks and securities firms, since the Republic was at the end of its three-year international bailout, that ended in 2013.However, the Department of Finance estimates the general government surplus this year will reach a record €23.7 billion in 2024, followed by a €9.7 billion surplus next year. About €14 billion of existing government debt, including bonds and bailout-era loans from the EU, are due for redemption in each of the next two year
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