The National Treasury Management Agency is expected to borrow up to €3bn tomorrow, through a new ten-year bond.

Today the NTMA appointed a group of banks and finance houses as lead managers for a syndicated bond offering "in the near future", which has usually meant within 24 hours.

The NTMA has not specified how much it will seek from investors, but RTÉ News understands it will be in the region of €3bn.

If so, it would be a large chunk of the planned borrowing by the agency for this year.

Last month the NTMA said it would seek to raise between €6bn and €10bn from the bond market this year, through a combination of syndicated offers and regular bond auctions.

The new bond will mature in May 2026, slightly more than ten years in duration.

The nearest equivalent bond is just over nine years in duration, so will not be directly comparable in price.

The yield on that bond this morning was 1%.

The syndication managers are Bank of America/Merrill Lynch, Barclays, Davy, Morgan Stanley, Royal Bank of Scotland, and SG CIB.

Government bonds are rated as follows: Moody's Baa1 (Positive), Standard and Poor's A+ (Stable), Fitch Ratings A- (Positive).