Two tranches of government stock were oversubscribed as financial institutions submitted bids for almost €67 million, according to the Treasury.
The first tranche matures in 2017 and the second one in 2018. Both have floating interest rates tied to Euribor, the average interest rates at which a large panel of European banks borrow funds from one another.
The Treasury allocated €56.4 million. All bids received for the 2017 stock option – €25 million – were allocated while €31.4 million from the €41.9 million in bids were allocated for the 2018 stock option.