Spain pulls off debt auction with solid demand and lower costs

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Spain pulls off debt auction with solid demand and lower costs

14-03-2013 10:04

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Spain managed to pull off three simultaneous auctions of long-term sovereign debt with solid demand and lower financing costs on Thursday..

The Spanish Treasury sold a total of €803m in three separate issues. It had not set a target for the sales.

It obtained €134m from 2029 bonds with a bid/cover ratio of 4.1 rising from the prior 2.0, while the yield dropped to 5.224%, from the previous 5.787%.

Spain also sold €304m in 2040 bonds with yield dropping to 5.434% from the prior 5.893% and bid/cover rising to 2.4 from the previous 2.1.

Finally, the Treasury received €365m from the sale of 2041 bonds. Demand on the issue rose to 2.1 from the prior 2.0 as costs dropped to 5.432% from the previous 5.696%.

JM

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