Ireland wins vote of confidence as bond issue oversubscribed

The Republic of Ireland saw its €1.5bn (£1.3bn) bond issue snapped up at auction today, pointing to investor confidence in the strength of the economy.

Its four-year bonds were oversubscribed around five times, while eight-year bonds were three times oversubscribed. The National Treasury Management Agency (NTMA) says the Government met its target, raising €1bn from the eight-year bonds paying 4.5% interest, and €500m from the four-year bonds, paying 4%. The 2014 bonds were sold at an average yield of 4.76%, while the 2018 bonds' average yield was 6.02%. Ireland has been plagued by rumours it will have to approach the International Monetary Fund or the European Union for financial assistance as it struggles to keep its banking sect...