The National Treasury Management Agency (NTMA) has sold €1.25 billion in long-term treasury bonds.

The State was seeking to raise €1.25 billion through the auction on Thursday. The sale consisted of two bonds: one that matures in 2031 and the other in 2041.

The 2031 bond had a yield of 0.2 per cent, with a cover ratio of 2.43. The bond maturing in 2041 had a yield of 0.55 per cent, with a cover ratio of 2.1.

The sale brings the total raised in benchmark bonds this year to date to €16 billion.

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The NTMA expects to raise up to €20 billion in bond markets this year to cover a budget gap caused by the Government’s response to the Covid-19 pandemic and potential fallout from Brexit.