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).

Click to access the login or register cheese