It's the start of 2019 and the ntma have sold 4 billion 10 year bonds at 1.123. Remember the rate at the start of the year. Now if you are a bond/hedge or pension fund manager would you lock up 4 billion of 10 year notes at 1.123 rate which is less than inflation when you can deposit it at the fed for a better rate with easy access We know European banks are depositing excess cash through subsidiaries at the fed as the over night deposit rate is negative at the ecb. Who bought the debt., now I am a bit of the wall and it's just an option but did the ntma repurchase the debt with its excess cash waiting for an external enemy like brexit to blame for raising rates. Answers on the back of an envelope please.