The State has raised €4bn for 20 years in the first bond deal of the year. The money has been borrowed at an interest rate of 1.72pc per year.
The new 20 year syndicated bond deal attracted investor interest totalling €10.75bn. The final amount borrowed is double the original target.
The National Treasury Management Agency (NTMA) mandated Barclays, Cantor Fitzgerald, Danske Bank, HSBC, JP Morgan and Morgan Stanley as "joint lead managers" to manage the sale of the new bonds.
In traditional government bond auctions the debt is issued, or sold, to investors through primary dealers.
In a syndicated bond the debt is underwritten by a group of banks, who then in effect sell on the risk to investors.
It is the fourth year in a row that the Irish Government has borrowed on in the markets in the first week of January.
In January last year, the NTMA in Dublin raised €3bn through the syndicated sale of 10-year debt at a yield of 1.156pc.
The NTMA has said it plans to borrow €9bn to €13bn in total on the markets this year.