The National Treasury Management Agency has raised €4 billion in a new 10-year bond sale after being swamped with enough demand to raise over four times that amount.

Investors put in €18.1 billion of orders for the bonds, which will mature in May 2029.  The book comprised over 180 individual accounts.

The funds were raised at a yield of 1.123%.

NTMA Director of Funding and Debt Management Frank O'Connor said it is an encouraging start to our 2019 issuance programme.

"Today's deal already provides 25% of the mid-point of our target of €14 - €18 billion for the year, with investor appetite for our bonds remaining strong and broadly based," Mr O'Connor said.

"This level of demand, coupled with cash balances of more than €15 billion entering 2019, leaves us well placed to meet the maturities that will arise during the year and to continue our strategy of prefunding to meet future redemptions. This gives us flexibility in our issuance activity and increases our ability to borrow on attractive terms and to continue to diversify our funding."

BNP Paribas, Bank of America Merrill Lynch, Citi, Davy and Societe Generale are managing the transaction. 

Last week, banking sources told Reuters the NTMA would look to complete the bond sale before the UK parliament votes on prime minister Theresa May's Brexit agreement. 

The vote is set for next week. 

Ireland is considered the euro zone country that would be most affected by a messy separation between the UK and the European Union.