The Minister for Finance, Michael Noonan has said Ireland is now back in the markets for the long-term following today's sale of new and existing bonds which raised €5.23bn.

Ireland issued its first new Government Bond since September 2010.

There were two products on offer - a new five-year bond carrying a yield of 5.9% and an expansion of the existing eight-year bond with a yield of 6.1% .

The Minister for Finance Michael Noonan has said that the vast bulk of investors in today's bond sale are from overseas.

Speaking on RTÉ's Six One, he said  a good portion of the "money came from the US", but that there was some investment from Europe too.

Minister Noonan said Ireland is now back in the market for the long-term and today was a very significant step in building confidence in Ireland.

The National Treasury Management Agency Chief Executive, John Corrigan has said that the agency was very pleased with today's transaction.

He said that investors committed more than €4bn of new money to its first long-term issuance since September 2010.

Mr Corrigan said it marked a very significant step for Ireland on the way to full bond market access.

Taoiseach Enda Kenny has said that it is is a measure of the progress the country is making.

Enda Kenny said "I think its a measure of the degree of confidence that the NTMA have expressed, that they put this bond auction together today."

He continued, "Its a measure of the progress that we're making towards emerging from the programme that we're in and I think its particularly important that these are long term papers that are involved here."

On 5 July, the NTMA successfully raised €500m in an auction of three-month treasury bills at a yield of 1.8%.

80% of investors who bought those bills were based abroad.

Last week, the agency released its plan to re-enter the international bond markets.

Meanwhile, Fianna Fáil has said that with an interest rate of 6.1%, today's funds had come at a high price.