The National Treasury Management Agency (NTMA) has sold a new tranche of Irish Treasury Bills, worth €500 million, by auction.

The yield on the debt was priced at 0.405%.

The offer was substantially oversubscribed, with 3.46 times the amount on offer being sought by bidders, worth a total of €1.729 billion.

The bills will mature in 12 months time.

The NTMA plans to issue between €14 billion and €18 billion of  bonds this year.

It has already raised €5.75 billion so far this year.