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State to borrow €4bn

The government is to borrow between €3bn and €4bn on the bond markets today, the Herald understands.

Plans for a bond sale were announced yesterday by the National Treasury Management Agency (NTMA), but the agency did not specify the size of the sale and said only that it would take place "in the near future".

Bond yields are at historic lows so the sale will result in cheap funding for the Irish taxpayer over the next seven years, according to Cantor Fitzgerald Ireland's head of fixed-income strategy Ryan McGrath.