The National Treasury Management Agency (NTMA) has raised €1.5 billion on the bond markets this morning. 

The auction was the first to take place without stockbroker Davy playing a key role as a primary dealer, following the removal of its authority to act by the NTMA earlier this week.

The NTMA raised just over €1 billion on a ten year bond at a marginally positive rate of 0.013%. 

It also raised €450m on a bond due to mature in 2050 at a rate of 0.667%. 

With the completion of today's auction, the NTMA has issued €7 billion of bonds so far this year.

It plans to borrow between €16 billion and €20 billion on the bond market in 2021.

On Monday the NTMA dropped Davy as primary dealer in Irish Government bonds, in the wake of the controversy that has followed the issuing of a €4.1m fine to the broker by the Central Bank.

There remains 14 other primary dealers in Irish Government bonds around the world who continue to sell the debt.