The National Treasury Management Agency is advancing plans to step up the sale of new debt next year, with up to €15 billion in long-term bond sales.

The agency, which has sold €11.75 billion in long-term debt since the start of 2014, is also taking steps to ease the burden of an €8 billion debt that matures in April 2016.

Moves to intensify bond sales in 2015 come as the Coalition prepares to enter the final full year of its mandate, with the next election due in the spring of 2016.

While the Government encountered a series of political difficulties since leaving the EU/IMF bailout one year ago, it has been a big beneficiary in 2014 of low borrowing costs in international money markets.

However, the looming election campaign will bring with it the certainty of market scrutiny over the policies and prospects of serious contenders for Dáil seats.

In a statement, the agency indicated that holders of the bond due in April 2016 may be offered an opportunity next year to switch their investment into longer-dated bonds. Any such offer would be subject to market conditions.

This procedure in question – known in market parlance as “top-slicing” – would be cast to smooth the €8 billion repayment peak to be faced in opening months of 2016. Similar measures were introduced in 2013 in respect of a big debt which fell due immediately after the bailout early this year.

“The NTMA plans to issue €12 to €15 billion of long-term bonds over the course of 2015,” the agency said.

The agency had said in January that it planned to sell between €6 billion and €10 billion of debt this year.

However, benign funding conditions on markets and the emergent prospect of a deal to repay IMF debts early led the agency to borrow more than anticipated. The debt raised this year included 10-year bonds and, for the first time since 2009, a 15-year bond.

The agency will issue a statement at the beginning of each quarter in 2015 in which it would outline the auction plans for that quarter. It also intends to hold at least one syndicated bond deal during the year, a large transaction which would be managed by a group of investment banks.

The agency also said it would continue to issue short-term debt – known as treasury bills – during 2015.