Ireland will seek to raise around €3 billion from a new 15-year bond, a market source said today, after the National Treasury Management Agency hired a syndicate of banks and brokers to sell the security. 

The NTMA has kicked off its funding drive with a syndicated sale every year since 2013.

The syndicated sale could cover around a quarter of its funding needs for this year after it announced last month that it would borrow between €10-14 billion in 2020. 

The NTMA said the transaction would be launched and priced in the near future, subject to market conditions -  language it regularly uses when kicking off a syndicated sale the next day.

The NTMA has mandated Davy, Deutsche Bank, JP Morgan, Morgan Stanley, NatWest Markets and Nomura as joint lead managers for the sale.