Ireland raised 4 billion euros ($4.17 billion) at its first-ever 20-year bond sale on Wednesday, drawing more than twice as much demand in a syndicated deal that covered over a third of its minimum funding needs for the year. It sold the benchmark bond at 50 basis points over mid-swaps, a spokesman for the country's debt agency said, implying a yield of 1.725 percent. Investors bid 10.75 billion euros.

It is the fifth year in succession that Ireland, the euro zone's fastest-growing economy, has begun its annual funding drive with a bond issue placed via a syndicate of banks. Smaller euro zone states often use syndication to broaden the investor base for their bonds and compete with big countries whose debt attracts demand because of its benchmark status.

Copyright Reuters, 2017