The State is seeking to raise up to €1.5 billion million through an auction of long-term bonds on Thursday, the National Treasury Management Agency (NTMA) has announced.

The auction will two bonds being auction, one of which matures in 2031 and the other in 2041. It is expected to raise between €1 billion and €1.5 billion, the NMTA said.

The lates auction will be conducted on the Bloomberg Auction System, and is confined to recognised primary dealers. A non-competitive auction will immediately follow the competitive auction and will close at 10 am on Monday next.

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.