The National Treasury Management Agency is expected to issue a 15-year Euro benchmark bond tomorrow.

The agency has said it would launch and price the transaction “in the near future”, subject to market conditions.

The bond – anticipated to be worth around €3bn - will be issued through a number of financial institutions; namely Citi, Danske Bank, Royal Bank of Scotland, Davy and Nomura.

The money raised from the auction is likely to be used to pay off some of the loans provided by the International Monetary Fund as part of the country's bailout programme.

Early repayment of the loans could save the State up to €2.1bn in debt financing costs, though it needs approval from all parties involved in the bailout before it can begin.