Spain exceeds target at debt auction

Date: Thursday 07 Jun 2012

Bond yields on offer rose at Spain's latest debt auction of two-, four- and 10-year notes, but demand was stronger this time around with bid-to-cover ratios increasing for each security.

The Spanish Treasury issued a total of €2.07bn in debt, ahead of its top-end of the targeted range of €1-2bn.

Some €611.22m of 10-year bonds were issued at an average yield of 6.044%, up from 5.743% in April's auction. Meanwhile, the bid-to-cover ratio improved from 2.46 to 2.56.

The Treasury sold €825.35m of bonds maturing in 2016 with yields rising from 4.319% to 5.353%; the bid-to-cover ratio increased from 2.5 to 2.6.

€638m of bonds maturing in 2014 were sold at a borrowing rate of 4.335%, up from 4.876% in May, while the bid-to-cover ratio improved from 3.3 to 4.3.

MG

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