The National Treasury Management Agency (NTMA) said it will seek to raise as much €14 billion on the international bond markets next year, as it grapples with a spike in debt set to mature in 2026.
The NTMA plans to issue between €10 billion and €14 billion in debt for the year ahead, the agency said in a statement.
“The €10 billion to €14 billion bond funding range we are announcing today for 2026 reflects the €15 billion in debt maturities next year," NTMA director of funding and debt management Dave McEvoy said. ”The strong exchequer funding position means we are well positioned entering 2026”.
The NTMA will issue its bond auction schedule at the start of each quarter, and will stick to its recent strategy of not selling shorter term Treasury Bills.
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It also intends to conduct at least one syndicated bond sale during the year. The agency has traditionally run such a sale in January. In recent years the timing of such a deal has moved back from the start of the month towards the middle of January.
An NTMA spokesman declined to comment on the prospects for a syndicated sale next month.
Next year’s bond sales will come against a backdrop of growing concerns about the sustainability of the State’s tax receipts, with corporation tax in particular under the spotlight given a handful of big multinationals account for such a huge proportion of that tax.
Still, the Government collected a record monthly figure of €10 billion in corporation tax in November, amid a likely surge in payments from the tech and pharma sectors.
