Ireland has twelve benchmark bonds with maturities extending across the yield curve to 2025.
Irish Government bonds are listed and traded on the Irish Stock Exchange. The benchmark bonds are also traded on the electronic trading platforms, EuroMTS (including MTS Ireland), Brokertec and BGC Partners. The clearing and settlement system of Irish Government bonds is carried out by Euroclear.
The NTMA has designed amortising bonds, which make equal annual payments over their lifetime, to meet the needs of the Irish pensions industry.
The Irish Government bond market has a strong primary dealer group, mainly international investment banks with a global reach.
The NTMA’s short-term debt programme, comprising Treasury Bills, Commercial Paper and Exchequer Notes, provides liquidity and flexibility in the timing of long-term funding operations.
Irish Treasury Bills are zero coupon instruments issued at a discount and normally have maturities at issue of between one and twelve months. Treasury Bills are issued primarily through an auction system.
