14/04/2020 Deals

Arthur Cox has advised the joint book runners (BNP Paribas, BofA Securities, Cantor Fitzgerald Ireland, Danske Bank, Goldman Sachs International Bank and J.P. Morgan) in relation to a €6 billion bond issue by Ireland (acting through the National Treasury Management Agency). This transaction is Ireland’s second syndicated benchmark bond issue this year, following the €4 billion 15-year benchmark bond issued in January. The transaction provides Ireland with a new EUR 7-year on-the-run benchmark bond.

The €6 billion raised last Tuesday represents the largest Irish sovereign bond trade in over a decade.

The €6 billion benchmark bond, due 15 May 2027, has a 0.2% coupon and was priced at a spread of mid swaps +32 basis points (bp) to give a re-offer yield of 0.242%.

The Arthur Cox team advising on this matter was Cormac Kissane (Partner, Finance), Brendan Wallace (Partner, Finance), Sinéad Williams (Associate, Finance) and David Kilty (Partner, Tax).