The National Treasury Management Agency will hold off selling bonds until September, opting to stay out of the market even as the yield on the Government's 10-year dropped below 0.5 per cent for the first time on Friday.

The bond yield has plunged from 0.825 per cent last Friday, as markets first reacted to the UK's decision to quit the EU, to a record low of 0.453 per cent this morning, amid rising expectations that central banks, including European Central Bank will take measures, if necessary, to limit the fallout from Brexit.

The debt office said today it will hold a bond auction on September 8 and a sale of short-term debt, known as treasury bills, on September 15. The bond auction schedule for the third quarter is in line with analysts expectations.

The NTMA has raised €5.6 billion of long-term debt so far this year, within reach of lower end of its full-year targeted range between €6 billion and €10 billion.