The National Treasury Management Agency has swapped some €3.529 billion of a total of €12 billion in 2014 debt for new 4.5 per cent 2015 bonds issued earlier today.
The switch will ease Ireland's funding costs at a tricky point in the future and prepare the way for a gradual return to bond markets.
Earlier the NTMA priced the new bonds at 5.15 per cent.
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