First public auction of govt debt since bailout underway

This morning sees the first full public auction of Irish government debt since the end of our bailout.

€1bn worth of 10-year bonds will be up for sale until 10am.

It comes a day after our cost of borrowing reached a record low at 3.01% for 10-year loans.

David Beaton from Cantor Fitzgerald stockbrokers said bond yields had also been falling in Spain, Italy and Portugal.

"There is a renewed confidence and cautious optimism coming in about the recovery that's going on in Europe," he said.

"The move by the NTMA to auction this €1bn is very positive. We expect to see (the auction) strongly over-subscribed. It also leaves them in the nice position for the rest of the year that they only require about €3.25bn of funding."