The State plans to raise up to €1.5 billion in its next bond auction, set to take place on Thursday.
The National Treasury Management Agency (NTMA), the State's debt management agency, said on Monday there would be two bonds offered in the auction.
The first is a 1.35 per cent treasury bond due to mature in 2031, while the other is a 1.5 per cent treasury bond due to mature in 2050. The State is seeking to raise between €1 billion and €1.5 billion.
The NTMA has already raised €20 billion in long-term bond funding in 2020 at an average yield of 0.27 per cent and average maturity of more than 11 years.
However, the agency could raise up to €4 billion more this year after Taoiseach Micheál Martin confirmed the budget deficit this year would reach €30 billion due to the Covid-19 crisis.
The funding will primarily fund Government measures to deal with the pandemic, which include the State’s two wage-support schemes.
NTMA chief executive Conor O’Kelly has previously warned that the increased level of borrowing has left the State exposed to rising interest rates.
