The National Treasury Management Agency is seeking to raise between €1 billion and €1.5 billion of debt through an auction of nine and 30-year bonds on Thursday to fund additional spending to cope with the Covid-19 crisis. 

The new bonds will mature in 2029 and in 2050.

Last month the NTMA announced a revised bond funding range of €20 billion to €24 billion for the full year, to meet the borrowing requirements of Government measures during the Covid-19 pandemic.

This replaced its original bond funding range, announced in December, of €10 billion to €14 billion. 

The revision followed an increase of €14 billion in the Government's Exchequer Borrowing Requirement announced in the Stability Programme Update in April. 

The Government has committed more than €13 billion in fiscal stimulus so far to help impacted firms pay wages and to boost its health service, likely sending it from a budget surplus in 2019 into an estimated deficit of 7.4% of GDP this year.

The NTMA has already issued over €11 billion of bonds in 2020. This has been achieved through the launch of two new bonds maturing in 2027 and 2035 and an auction of bonds maturing in 2029.