EU unveils the first bond auction in 2011 to raise funds for Ireland

By @ibtimes on

The first EU bond auction in 2011 is due today, where it will be closed at 15:00 GMT, for the purpose of gathering between 3-5 billion euros to finance the Irish 85 billion-euro package consented by the EU and IMF in 2010.

Details reveal that five-year bonds with AAA top rating agencies and backed by guarantees from euro-area governments from of the European Financial Stability Facility (EFSF) will be issued today, where Citi, HSBC and Societe Generale will handle the landmark operation.

So far, the auction has attacted 43 billion euros of orders from nearly 500 investors.

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