DUBLIN – Ireland, through the National Treasury Management Agency, has successfully issued €3 billion worth of 30-year fixed-rate notes without the need for stabilization measures, J.P. Morgan SE announced today. The notes, due October 18, 2055, carry a coupon of 3.150% and were offered at a price of 99.931.
Stabilization, a process where underwriters can buy shares in the open market to support the price of an offering, was not required in this instance. This suggests a strong market appetite for the securities issued. The notes have been listed on the Irish Stock Exchange plc, which operates as Euronext (EPA:) Dublin.
J.P. Morgan SE served as the Stabilization Coordinator, with Danske Bank (CSE:), Deutsche Bank (ETR:), Goldman Sachs (NYSE:) Bank Europe SE, Goodbody, and HSBC acting as Stabilization Managers. However, their services were not called upon as the stabilization was not undertaken, as noted in the post-stabilization period announcement.
The absence of stabilization activities indicates that the offering was well-received by investors, reflecting confidence in Ireland’s economic standing and the government’s fiscal management.
The bond sale falls under the regulatory purview of the Market Abuse Regulation (EU/596/2014) and the rules of the Financial Conduct Authority. However, the announcement made clear that the securities have not been registered under the United States Securities Act of 1933 and, as such, may not be offered or sold in the United States absent registration or an exemption from registration. Furthermore, there will not be a public offer of the securities in the United States.
This financial move is part of Ireland’s ongoing efforts to manage national debt and secure funding for future expenditures. The successful issuance and the lack of need for stabilization are positive signs for the Irish economy and may influence future borrowing costs for the country.
The information contained in this article is based on a press release statement and does not constitute an offer of securities for sale in any jurisdiction.
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