Irish continue rebound from bailout, sell 10-year bonds at record-low yield of 1.63 percent

Economic Indicators Associated Press

Ireland's treasury says it has sold 1 billion euros ($1.28 billion) in 10-year bonds at a record-low yield of 1.63 percent, providing the latest evidence of the country's strong rebound from a debt crisis and international bailout.

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The treasury says Thursday's auction was 2 ½ times oversubscribed. The yield was far below Ireland's previous record-low 2.3 percent paid to sell 10-year government bonds in July.

Ireland is seeking to repay its 2010 bailout-loan package early to eliminate what now appear to be excessive interest costs on the money, particularly 22.5 billion euros ($29 billion) provided by the International Monetary Fund. The IMF charges Ireland an average rate of 4.99 percent.

Ireland resumed normal borrowing on bond markets last year and ended reliance on bailout loans in December.