It is understood the National Treasury Management Agency, which borrows money on behalf of the country, is planning to raise between €2 billion and €3 billion.

The agency will issue a 20-year bond to raise the funds.

Today the NTMA named a series of banks as managers for the bond issue.

It has mandated Barclays, Cantor Fitzgerald, Danske Bank, HSBC, JP Morgan, and Morgan Stanley as joint lead managers for the bond.