The National Treasury Management Agency (NTMA) has sold more then €1 billion worth of Irish Amortising Bonds to the markets today.

It is the first time these types of bonds were sold to the market.

They have maturities ranging from 15 to 35 years.

They are designed and issued to meet the needs of the Irish pensions industry whose natural demand is for long-dated bonds.

John Corrigan is the Chief Executive of the NTMA.

In a statement he said he was pleased with the result.

While Finance Minister Michael Noonan says the launch of this new funding today marks another step on the Irish road to economic recovery and our full return to the bond markets.

An amortising bond means you pay back the principle and interest as you go along.

Whereas with a regular bond you pay back the interest only and then the principle is paid when it reaches maturity.

More information on amortising bonds can be found  href="http://www.ntma.ie/Publications/2012/IABInformationMemorandum.pdf">here