The National Treasury Management Agency has raised €1 billion in a dual bond auction this morning.

The NTMA sold €550m of nine-year bonds at a yield of 0.689% and €450m of 20-year bonds at a yield of 1.648% at today's auction.

The agency has now raised €10.5 billion of its €9-13 billion target through the issuance of benchmark bonds and a further €610m via its first ever inflation-linked bond.

That has helped replenish the scarce pool of Irish debt eligible for the ECB's quantitative easing programme. 

Last week the Government announced plans to refinance some of its 2010 International Monetary Fund bailout loans at cheaper market rates, saying the transaction would further increase the ECB's purchase capacity.

The NTMA said that demand for the nine year bond was 2.55 times the amount on offer, while demand for the 20 year bond was 1.74 times the amount on offer.