The National Treasury Management Agency has announced its busiest quarter of bond issuance in over two years.

It is planning one syndicated issue and two auctions between April and June as it increases spending due to the coronavirus pandemic. 

During the first quarter, the NTMA raised €5 billion of the €10-14 billion worth of bonds it planned to issue in 2020 before the Government closed down the economy to limit coronavirus infections and announced measures costing almost €7 billion. 

The NTMA said it will hold one syndicated bond issue in April and bond auctions on May 14 and June 11 - the first time since the first quarter of 2018 that it has had three issuances in a single quarter. 

It will also hold Treasury Bill auctions on April 16, May 21 and June 18 but did not say how much money it planned to raise.

"In light of developments related to Covid-19, which will increase our borrowing requirements in 2020, the Agency is currently reviewing its anticipated borrowing activity for 2020 and will provide updated guidance in due course," it said in a statement.

"In this respect, the NTMA is considering a mixture of issuance, including long-term funding, short-term funding and use of cash assets."

Last week the agency said that Ireland is well placed to increase its borrowing activity in the coming years arising from the economic disruption relating to Covid-19. 

The NTMA said the increased borrowing activity will be as a result of measures by the Irish Government aimed at stabilising the economy and addressing the economic challenge.

It said the additional borrowing will take place against a backdrop of a strong improvement in Ireland's debt position in recent years.