The first auction of the year was “a statement of market confidence to the EU,” the European Commission said, adding that Ireland and Portugal will each get 1.5 billion euros from the sale on January 16.

Demand for the long-term debt was high, with bids totalling 5.2 billion euros and orders closing within two hours. The bond, which matures on April 4, 2042, pays a coupon of 3.75 percent.

Most demand came from within the 27-nation EU, with German investors accounting for 70 percent follow by Britain at 13 percent and Belgium, the Netherlands and Luxembourg 8.0 percent.

With Ireland and Portugal effectively shut out of the markets by prohibitive rates, the EU and eurozone each raise money on their behalf at much lower rates as part of their multibillion-euro bailouts.

After Greece was granted a 110-billion-euro bailout in May 2010, Ireland was given an 85-billion-euro EU-IMF rescue package later that year and Portugal secured a 78-billion-euro package in May 2011.