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Irish debt agency says no plans to increase this year's issuance target
Last Updated: 2017-07-11 09:17 | Xinhua
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Ireland's debt agency NTMA said on Monday it has no plans to increase this year's issuance target range.

During the first half of this year, it issued 8.75 billion euros (9.97 billon U.S. dollars) of benchmark bonds out of a full-year target of between 9 billion euros to 13 billion euros at a weighted average yield of 1.3 percent and a weighted average maturity of over 15 years.

"At the moment we are comfortable with the range that we have given and I don't see us changing that for the time being," NTMA Chief Executive Conor O'Kelly said.

In 2016, the NTMA issued 8.25 billion euros of benchmark bonds at a weighted average yield of 0.82 percent and a weighted average maturity of 10 years, as well as a 100 million euro 100-year note at a yield of 2.35 percent.

Today, Ireland's national debt has the longest maturity in the Eurozone.

But O'Kelly said Ireland's debt remains high in absolute debt terms at 200 billion euros, four times its 2007 level and that international investors continue to monitor Ireland's progress in ensuring its debt remains sustainable.

While Ireland's economic fundamentals are positive, there are a number of metrics used by investors which are seen as less favourable, he said.

Currently, Ireland's general government debt to general government revenue stands at 275 percent, compared to EU28 average of 165 percent. Its debt per capita reaches 42,000 euros per person, compared to EU28 average of 24,000 euros.

In Ireland, the NTMA is responsible for borrowing on behalf of the government and managing the national debt.

Last year, the agency raised 8.25 billion euros in funding. (1 Euro = 1.14 U.S. dollars)

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