The National Asset Management Agency (NTMA) has hired banks and brokerage firms to sell €3 billion of bonds that will not mature until 2050.

The State agency, which manages the national debt, has given Barclays, BNP Paribas, Cantor Fitzgerald Ireland, Danske Bank, Deutsche Bank and Goldman Sachs mandates to manage the transaction, which it said in a statement is "expected to be launched and priced in the near future subject to market conditions".

The NTMA did not say how much the syndicated bond sale was expected to raise, but market sources have said it should bring in €3 billion. The deal is likely to take place on Thursday, it said.

The agency has decided to cancel its regular bond auction scheduled for May 9th as it proceeds with its second syndicated deal of the year. The first, which took place in January, raised €4 billion.