The asset and liability management arm of the Irish Government, Ireland's National Treasury Management Agency (NTMA), is seeking to raise a minimum of €3 billion in a bond issue.
NTMA Chief Executive Michael Somers confirmed the move today.
"It is probably a minimum of €3 billion," said Mr Somers. "We have a loan of €6 billion which we have to repay next week," he said.
"It is related purely to the refinancing of this loan."
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The NTMA's primary role is that of borrowing for the Government and managing the National Debt but has had its remit expanded to include a responsibility for overseeing the management of the National Pensions Reserve Fund.