It is believed that the Ireland's debt agency might hold syndicated bond sale as soon as next week after the Government's borrowing costs fell due to a fall in the burden for bank bailout packages.

Taoiseach Enda Kenny has said that the government is planning to swap the instruments described as promissory notes, with €25 billion of long-term bonds with maturities of up to 40 years. The promissory notes were used to rescue the failed lender Anglo Irish Bank. According to the latest figures, the country's five-year bonds fell as much as 11 basis points to 2.8 per cent, which is its lowest level since October, 2005.

The National Treasury Management Agency might be looking to utilise the positive movement in the country's debt market and might come out with a new €2 billion to €3 billion syndicated 10-year issue. According to the latest figures released, the investor sentiment in Ireland has increased to its all times high in the month of January, indicating a recovery in the economy.

Meanwhile, Fitch Ratings said Ireland's decision to replace the promissory notes to provide the Irish Bank Resolution Corporation is a positive development for the country.