The Spanish Treasury has completed it second debt auction of the week on Thursday, this time testing demand for the more indicative medium- and long-term debt.

Spain issued €4.614bn, topping the high-end of its €3.5-4.5bn target. Like the auction on Tuesday, borrowing costs fell again as Spain resists pressure to request a bailout.

The Treasury issued:

- three-year bonds for €1.637bn at a maximum yield of 3.266% compared to 3.774% in the prior auction. The bid-to-cover ratio was 2.61, up from 1.76 previously.

- four-year bonds for €1.464bn at a yield of 3.977% compared to 4.603% in the prior auction. The bid-to-cover ratio increased from 1.9 to 2.6.

- 10-year bonds for €1.513bn at an average yield of 5.458% compared to 5.66% in the prior auction. The bid-to-cover fell to 1.9 from 2.8 previously.

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