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Ireland Borrowing Costs Fall in 600 Million-Euro Sale

Ireland’s short-term borrowing costs fell in a sale of 600 million euros ($761 million) of treasury bills two days after its credit rating was cut by Standard & Poor’s.

The Dublin-based National Treasury Management Agency sold 200 million euros of securities due Feb. 14, 2011, at an average yield of 1.978 percent, 48 basis points lower than at an Aug. 12 sale. It also sold 400 million euros of April 18, 2011, debt at an average yield of 2.348 percent, down 46 basis points. Both securities were oversubscribed.