THE National Treasury Management Agency has raised €500m in short-term money in an auction that was more than three times oversubscribed.
The treasury bills, which have a maturity of three months, were sold at a yield of 0.24pc.
Total bids received amounted to €1.7bn – 3.4 times the amount on offer.
Earlier this month, Ireland celebrated a return to the bond markets after investors offered to lend a staggering €12bn to the Government for 10 years.
The NTMA, headed up by chief executive John Corrigan, has been issuing bonds with gradually lengthening maturities since July last year, when the first bonds since the bailout were placed with investors.
The Government borrowed €5bn over 10 years from private investors – up from the €3bn it planned – in the first deal of its kind since before the country's international bailout in 2010.
The clamour for Irish bonds meant the interest rate we must pay on the debt dropped to 4.15pc. It compares to an interest rate of 15pc that investors were demanding in July 2011.
It is less than Spain or Italy pays to borrow.
A 10-year bond is the latest step in the country's return to financing itself on the markets instead of through European Union and International Monetary Fund rescue loans.
Last month the NTMA also sold €500m worth of treasury bills. Total bids received amounted to €1.6bn – 3.3 times more than the amount on offer.
They were also sold at a yield of 0.24pc and with a maturity of three months.