THE National Treasury Management Agency (NTMA) has raised more than half of the debt it had targeted to borrow in 2019 after new fund-raising.

The State debt agency borrowed €4bn due to be repaid in 2050 yesterday at yield – effectively the interest rate – of 1.53pc.

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The NTMA had said on Tuesday it was planning to borrow €3bn this week, through a so- called syndicated debt auction.

That target was increased on the back of demand from debt investors who in the end placed orders equal to €18bn.

Of the €4bn of bonds issued, over 98pc went to overseas investors.

Combined with bond deals in January and February, the State has borrowed €9.25bn so far this year – more than half the target of €14bn to €18bn.

With the budget in surplus any debt raised is being used to refinance existing borrowings.

The NTMA had taken advantage of favourable market conditions to pre-fund future redemptions, said director of funding Frank O’Connor.

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