The National Treasury Management Agency sold €1 billion of 10-year bonds today at a record low yield of 0.297%.

This was below the previous marker set in September 2016 when the NTMA commanded an interest rate of 0.33% for a 10-year bond. 

Several euro zone countries are seeing their borrowing costs hit their lowest levels on record as the European Central Bank opens the door to more stimulus in the face of a faltering European industrial sector and fears of a global recession.

Portugal, which like Ireland had to rely on a three-year international bailout for funding after being locked out of bond markets almost a decade ago, auctioned 10-year debt at a record low yield of 0.639% yesterday. 

With the completion of today's auction, the NTMA has raised €10.25 billion of its targeted €14-18 billion of long-term debt issuance this year.