Investors offered to lend Ireland a record €70bn on Tuesday, for a deal where the State will actually borrow around €6bn.
The numbers highlight the unprecedented scale of demand for Irish 10 year bonds as the European market is flooded with cash seeking investment opportunities, even with poor returns.
The latest deal means the National Treasury Management Agency (NTMA) has raised €18.5bn of its increased target to borrow between €20bn and €24bn this year. The syndicated bond structure means a group of underwriting banks managing the deal have gone to the market seeking investors.
Borrowing is being ramped up to finance a deficit resulting from the hike in coronavirus-related spending and falling taxes.