The National Treasury Management Agency (NTMA) has sold €750 million of Treasury bills at auction. Total bids received amounted to more than €1.8 billion, which was 2.45 times the amount on offer.

The bills, which have a maturity of six months, were sold at a negative yield of -0.622 per cent.

Earlier this month, the agency raised €1.25 billion through the sale of Government bonds maturing in 2029, 2037 and 2045.

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