The National Treasury Management Agency (NTMA) has launched the first sale of long-term Irish Government bonds in nearly two years.
The bonds are on offer for terms of up to eight years, until 4.30pm this afternoon.
Officials have also launched a bond switch, offering investors with bonds due to mature over the next two years the option of extending their terms.
Danske Bank senior dealer Eoin Callan said that today marks a hugely positive development.
"It's been three years, almost four years, since Ireland started taking steps to address its economic imbalances," he said.
"This is the first sign that perhaps the market is opening up for Ireland, that the markets are buying very much into the Irish progress and they believe that Ireland can return to the markets with a long-term bond issue, that Ireland can avoid a second bailout through the EFSF or the ESM and that Ireland's progress under the troika adjustment programme will be successful, ultimately."
Under the bond switch, the NTMA is offering holders of existing bonds due to mature in 2013 and 2014 respectively the opportunity of switching their holdings of these bonds into a new five-year bond maturing on October 18, 2017 and/or the current bond which will mature on October 18, 2020.
In the outright sale initiative, the NTMA will sell the following bonds at the prices stated here for cash:
* 5.5% Treasury Bond 2017: €98.27 per €100 nominal (Yield) 5.90%
* 5.0% Treasury Bond 2020: €93.03 per €100 nominal (Yield) 6.10%