The National Treasury Management Agency is to auction €500 million worth of three-month Treasury Bills on Thursday.

The NTMA has already held six auctions of similar bills so far this year, with the bills selling at an annualised rate of 0.2% last month.

At the time the agency said it received total bids worth €1.46 billion – 2.9 times the amount on offer.

An auction in May achieved a yield of 0.129% - the lowest since the NTMA resumed auctions in July 2012, following the 2010 bailout – and received bids worth €1.822 billion or 3.6 times the amount on offer.

The agency said that - subject to market conditions - Thursday’s auction will be followed by another in September.