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Irish debt may trade lower towards Belgium-debt agency

Reuters - UK Focus

DUBLIN, April 15 (Reuters) - Irish debt could fall lower to trade at levels just above that of Belgium's, the head of the country's debt agency said, indicating that a turnaround in its bond market is showing no signs of slowing down.

Ireland (Other OTC: IRLD - news) sold 10-year bonds at a record low yield of 2.9 percent last week, compared to the 2.09 level Belgium currently trades, although John Corrigan said this showed how dislocated markets are at present as well as the progress Ireland had made.

"Belgian 10-year bonds are currently trading at a spread of around 60 basis points over Germany so an optimist could make an argument for Ireland to trade not far above that in current market conditions, given that our economic growth prospects would be generally regarded as being much stronger than those of Belgium," Corrigan said in a speech. (Reporting by Sam Cage, writing by Padraic Halpin; editing by Angus MacSwan)