Investor Presentaiton
NTMA funded approximately three to four quarters in
advance; 2017 issuance to be larger than 2016
With only two major redemptions
in 2016/17 issuance was lower in 2016
than in recent years.
€14
€12
Other
€10
Our next bond redemption will be
€3.7
in October 2017 - €6.2bn.
Long
€8
term
NTMA expects to issue €9-13bn
Bond
Paper
€9.1
worth of long term bonds in 2017. By
€6
€9-13
Bond
€9.6
Q2, the NTMA issued €9.35bn.
€8.6
€6.2
Cash
€4
Cash
Exchequer cash balance at end 2016.
was €8.6bn.
€2
Source: NTMA
EBR
STP
€2.1
EBR
€2.2
€1.6
€-
Y/E 2016 Outflow
Funding
(€9-13bn)
Y/E 2017
2018
Outflow
EBR is the Exchequer Borrowing Requirement (Department of Finance estimate)
Cash balances excludes non-liquid asset classes such as Housing Finance Agency
(HFA) Guaranteed Notes.
•
Other Outflows includes contingencies, including for potential bond purchases.
°
Other Funding includes Retail (State Savings).
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
•
Rounding may occur.
41
National Treasury Management AgencyView entire presentation