The Irish state has raised another €750m in funding through the sale of treasury bills this morning.

The National Treasury Management Agency (NTMA) said total bids of €1.793 billion were received, representing 2.4 times the amount that was on offer.

The bills were sold at a yield of -0.636% and will mature in six months time on February 21 of next year.

Last month the NTMA updated its guidance for long-term funding for this year, narrowing the range to €18-20 billion.

By that point, it had raised €14.75 billion at an average yield of 0.13% and an average maturity of more than 14 years.

The state has had to borrow heavily again this year in order to fund the additional costs of dealing with the fallout from the Covid-19 pandemic.

The exchequer is expected to record a deficit this year of €20.3 billion.

Ireland's national debt is expected to rise to €280 billion by 2025.