The National Treasury Management Agency has completed an auction of Irish Treasury Bills, selling the target amount of €750m.

The NTMA said total bids received amounted to €1.80 billion which was 2.4 times the amount on offer. 

The Treasury Bills, which have a maturity of five months, were sold at a yield of -0.595%.

Earlier this month, the NTMA raised €5.5 billion through the syndicated sale of a new 10-year benchmark Treasury Bond maturing in October 2031. 

The funds were raised at a yield of -0.257%, below average prevailing rates for ten year Irish debt. 

This implies that the debt was raised at a negative rate, which makes the burden of Ireland's growing national debt more affordable. 

The NTMA has  indicated that it intends to borrow between €16 billion and €20 billion this year on behalf of the Exchequer.  

Last year it raised €24 billion at an average yield of 0.2%.