Markets snap up EU bonds for Ireland in first attempt to raise cash

Investors have snapped up the first set of bonds issued by the European Union in its efforts to raise cash as part of an €85 billion bail-out of debt-encumbered member state Ireland.

A €5 billion, five-year issuance sold out in one hour on Wednesday (5 January), according to the European Commission, which was pleased to see that demand had been three times what was being offered.

The sums were raised under the rubric of the European Financial Stablisation Mechanism (EFSM), guarant...