NTMA taps €1bn in new debt as markets bet on ECB rate cuts  

Ahead of Thursday's auction, the NTMA reiterated it planned to raise a maximum of between €6bn and €10bn in debt this year

Huge amounts of tax revenues flowing into the Exchequer do not require the NTMA to tap government debt markets frequently.

In a rare auction, Ireland has borrowed a total of €1bn in new debt, as bets increase that the European Central Bank will start cutting interest rates in June.  

The National Treasury Management Agency (NTMA), the Government's debt issuing office, raised €500m by issuing a 10-year bond that matures in October 2034 at a yield of just under 2.75%, and a further €500m from a 20-year bond that matures in October 2043, at a rate of just under 2.95%.