DUBLIN: Ireland will seek to raise around 3 to 4 billion euros from a new 10-year bond, a market source said on Monday, after the country's debt agency hired a syndicate of banks and brokers to sell the security.

Ireland regularly kicks off its annual funding drive with a syndicated sale and could cover up to a quarter of its funding needs for this year after it announced last month that it would borrow between 16 and 20 billion euros in 2021.

Ireland's debt agency said the transaction would be launched in the near future, subject to market conditions, language it typically uses when kicking off a syndicated sale the next day. It mandated BofA Securities, Davy Stockbrokers, Deutsche Bank, J.P. Morgan, Morgan Stanley and Nomura as joint lead managers.