Sigh of relief as Spain fares well in debt aucton

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18-09-2012 10:54

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The Spanish Treasury is probably quietly pleased with itself after a good response to its first debt auction since the European Central Bank (ECB) announced its plan of Outright Monetary Transactions (OMT) for ailing countries.

With Spain feeling increased pressure to request assistance, the Treasury has been able to issue 12 and 18-month bills for €4.6bn, which is more than the top end of the €3.5bn - €4.5bn target.

18-month bills were issued for €1.02bn (maturity: February 21, 2014) at a yield of 3.072%, lower than the previous 3.335%.

12-month bills were issued for €3.56bn (maturity: September 20, 2013) at a yield of 2.835%, lower than the previous 3.07%.

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