Ireland sells its first 100-year bonds

In a week when Ireland marked the centennial of the 1916 Easter Rising, it also sold its first 100-year bonds, a reflection of the country’s financial turnaround and positive long-term outlook.

The €100 million ($113 million) sale at a 2.35 percent yield is “a testament to the restored confidence markets have in Ireland’s creditworthiness,” Owen Callan, an analyst at Cantor Fitzgerald in Dublin, told Bloomberg. Just a few years ago Ireland needed an international bailout. Then, Irish 10-year bonds hit the 15 percent level.

The National Treasury Management Agency issued the new notes.

Such financial instruments also were around in the 19th century. The latest issue of Irish America contains this story about a collector-owned Fenian bond dating from 1866. The bonds had a 6 percent compounded interest per-annum.

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