The National Treasury Management Agency has announced its intention to launch a 20 year syndicated bond maturing in 2041.

Market sources have indicated the size of the bond could be in the region of €2-3billion.

The last bond issued in January raised €5.5 billion.

The NTMA has indicated it intends to raise between €16-20 billion this year.

In a statement today, the NTMA said it has mandated Barclays, BNP Paribas, Cantor Fitzgerald Ireland, Danske Bank, JP Morgan and Nomura as joint lead managers for a forthcoming auction.

The sale will be the first auction of a syndicated bond to take place without stockbroker Davy being on the panel of primary dealers.

It had its authorisation revoked by the NTMA after a record fine was imposed on it arising from a number of regulatory breaches around a 2014 bond sale.

The bond sale was managed by a Davy staff member, but the seller was not informed that the purchaser was a consortium made up of Davy employees.

Syndicated bond auctions can typically prove quite lucrative for primary dealers involved in the process.

- additional reporting Will Goodbody