State borrowing costs rising
The Irish Government has borrowed €1.25bn on the bond markets this morning, with the yield or effective interest cost, crossing above the 1pc to borrow for 10 years.
At the start of January the state was able to borrow for 10 years by issuing 10 year bonds with a yield of 0.943pc.
The National Treasury Management Agency (NTMA) said it has completed an auction of €800m of bonds due to be repaid in 2028 and €450m of bonds due to be 2037.
The yield investors demanded to lend for 10 years is 1.113pc, compared to 1.59pc a year to lend until 2037.