The National Treasury Management Agency (NTMA) is to auction €500 million of three-month Treasury bills on Thursday.

The auction will be conducted between 9.30 am and 10.30 am on the Bloomberg Auction System and is confined to recognised Primary Dealers and Eligible Counterparties.

The NTMA has already raised more than 80 per cent of its funding target of €8 billion this year.

The last sale of Treasury Bills in May - also valued at €500 million - recieved total bids amounting to €1.77 billion, 3.5 times the amount on offer. They were sold at an annualised yield of 0.22 per cent.