More than 6,000 applications at a value of €274.7 million were received by the government for three tranches of stock issued this month.

The value surpassed the government’s target of €150 million but the option to issue a further €150 million – known as over-allotment option – was not fully exercised because the number of bids fell below €300 million.

The Treasury said there was “a positive demand” by individuals and institutional investors for the first stock issued this year.

It announced that all subscriptions by members of the public, amounting to €123.2 million, and all bids by institutional investors – €151.5 million – would be accepted in full.

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