The Spanish Treasury has slightly surpassed its maximum target of 3.5bn euros for Tuesday's debt auction, having issued 3.527bn euros in three- and six-month bills.

Although yields rose slightly for the shorter-term bills, demand proved to be solid.

The Spanish Treasury issued €2.56bn in six-month bills at a yield of 2.1% compared to 2.3% in the prior auction. Demand rose for a bid-to-cover ratio of 2.0 compared to 1.8.

The Spanish Treasury also issued €967m in three-month bills. However, these bills saw average yields rise to 1.45% compared to 1.25% in the prior auction. Demand was high with a bid-to-cover ratio of 4.3 (compared to prior 3.3).

"Not much needs to be said here. Demand was high and rates not much of a concern," said Citi strategist Jose Luis Martinez Campuzano.

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