Government raises over €5bn in return to bond markets

D

DerKaiser

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This is fairly monumental, particularly considering what Spain and Italy are going through.
 
Fairly expensive but not unsurprisingly so. I'd imagine whenever we were likely to try raising cash on the open market it was going to come at a premium. Hopefully that premium will continue to decrease in an orderly fashion.
 
I think its a case of " a bird in the hand " grab it now before things go downhill in Europe in the coming months.
 
We raised at 5 billion euro at very reasonable rates considering. Are the rates sustainable? No. What it does do it remove a large amount of uncertainty with regard to our funding requirements in 2014. It proves we do have access to the market which might make the rating agencies look again at our rating which will make future borrowing cheaper. It's a small step but after years of constant bad news, this is actually a story to be welcomed.

Is nothing but a small step but it's a step in the right direction to regaining our economic sovereignty. Whether that is a good thing is another discussion!!
 
Sunny said:
Is nothing but a small step but it's a step in the right direction to regaining our economic sovereignty. Whether that is a good thing is another discussion!!
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Assuming we don't end up with a United States of Europe over the next 12 months!
 
I wonder if there is any connection between this and the 'big and quality' oil find off Cork that could yield up to 13bn in tax to the government.
 
While I was surprised at the relatively low rate, I think it still only demonstrates how bankrupt the country is. By 2015 the NTMA predicts total debt of €210bn, debt maturity for the next 5 years is €55bn and for the next 10 years €121bn. Ireland can't afford €210bn of debt at 3%, let alone 6+%.
 
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