The National Treasury Management Agency said it is planning a syndicated sale of a new five year benchmark bond in the near future.

Market sources said the sale may occur as early as Wednesday. 

It is estimated the NTMA will seek to raise €3-5 billion in the syndicated sale, which is subject to market conditions. 

The syndication is linked to the planned early repayment of loans from the International Monetary Fund, Sweden and Denmark.

The NTMA also said today it plans to hold a bond auction on November 9 and a Treasury Bill auction on December 14.

Both auctions are subject to market conditions.

By the end of September, the NTMA had issued a total of €10.5 billion in bonds from its stated funding range of €9 billion to €13 billion. 

The agency said today it may exceed its target to raise up to €13 billion from bond markets this year.

The Department of Finance said last month that it would seek early repayment of €5.5 billion of loans taken under its 2010 EU-IMF bailout. 

It said it hoped to save around €150m by refinancing the money at cheaper rates. 

As part of the deal, the Tovernment said it would repay the last of its bailout debt to the International Monetary Fund of €4.5 billion as well as €600m owed to Sweden and €400m to Denmark in bilateral loans.

The country's bailout programme totalled €64 billion.