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SOLD! Ireland sees slightly higher cost of borrowing on T-Bills

The NTMA sold €500 million worth of short-term bonds at auction this morning.

Image: Francisco Seco/AP/Press Association Images

IRELAND HAS SEEN its cost of borrowing rise slightly as it sold €500 million worth of Treasury Bills this morning.

The auction, which offered three-month bonds, was oversubscribed 3.3 times, according to the National Treasury Management Agency.

The bills were sold at a yield, or interest rate, of 0.24 per cent.

A similar auction in January saw €500 million worth of Treasury Bills (or T-bills) sold with a yield of 0.20 per cent. However, today’s cost of borrowing is still substantially lower than the interests seen throughout 2012.

The auction is the latest attempt to test the waters for Ireland’s eventual return to normal lending markets when the country emerges from the bailout.

January: Ireland raises another €2.5bn at the bond markets

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