The National Treasury Management Agency has today completed an auction of €500m worth of Treasury Bills.

The NTMA said total bids received amounted to €2.06 billion, which was over four times the amount on offer.

The Treasury Bills, which have a maturity of three months, were sold at an annualised yield of 0.55%.

The agency said this was the last Treasury Bills auction to be held this year.

Owen Callan, from Danske Markets, said today's sale marks the best performance of an auction in the NTMA T-Bill programme to date. He said it represents another important step towards fully normalised market funding in 2013.

''With positive momentum and yesterday’s credit decision from Fitch, we may see some new investor names return to the Irish market in the near future,'' the added.

Earlier in the week both Bank of Ireland and ESB turned to the markets to raise funds.

Bank of Ireland managed to raise €1 billion, without using the government guarantee, at an interest rate of 3.2%. It is the first time it has raised money on the bond markets in the past three years.

The lender had initially sounded out interest from investors to borrowing €500m. Investors offered to lend the bank €2.5 billion. The ESB also raised €0.5 billion this week.