The National Treasury Management Agency has hired a syndicate of banks and brokers to sell a new 10-year bond that a market source said was likely to raise around €3 billion. 

That potentially could cover a fifth of the NTMA's annual funding needs.

The NTMA has kicked off its funding drive with a syndicated sale every year since 2013 and was among the first euro zone sovereign out of the traps again this year. 

The agency said it would issue the new bond "in the near future" - language it has previously used when selling the next day - subject to market conditions.

The NTMA said in a statement it had appointed BNP Paribas, Bank of America Merrill Lynch, Citi, Davy, NatWest Markets and SG CIB as joint lead managers for the deal. 

The debt agency said last month it would issue between €14-18 billion of long-term debt in 2019, including at least one syndicated deal.

This is the same range it targeted last year when it ended up raising over €17 billion. 

When the NTMA last issued a new 10-year bond via syndication in early 2018, it raised the funds at a yield of 0.944% having received over €14 billion worth of investor orders for the new paper.