Ireland sells €500m of Treasury Bills by auction
15 May 2014 – The National Treasury Management Agency (NTMA) has today completed an auction of Irish Treasury Bills, selling the target amount of €500 million.
Total bids received amounted to €1.77 billion which was 3.5 times the amount on offer. The Treasury Bills, which have a maturity of three months, were sold at an annualised1 yield of 0.22%.
| Maturity | Amount | Annualised Yield | Cover |
|---|---|---|---|
| 18 Aug 2014 | €500m | 0.22% | 3.5 times |
1 Market convention is to quote the yield on an annualised basis i.e. the rate of interest that would apply if the investment term was one year. As these bills have a three-month maturity, the actual interest cost on them is proportionately less than the annualised rate.