Major vote of confidence in Ireland

Investors bid more than €9 billion for the new 10-year bond, outstripping supply by almost a three-to-one ratio. Final bond pricing will be set later today.

The new bond was offered with an yield of about 3.5%, representing a small premium over Ireland’s current 10-year benchmark.

Moody’s, the only big agency to rate Ireland below investment grade, is due to review its ratings on January 17.Some analysts said the deal offered proof of increased market access and should be supportive for Ireland’s credit ratings