WHEW: Spanish Bond Sale Goes Better Than Expected


Photo: AP Images

Spain just completed a debt sale and things went better than expected, reports Bloomberg.They borrowed a total of 4.8 billion euros, which was higher than target of 4.5 billion euros.

This included 3.94 billion euros of 3-year debt at a yield of 3.845%.

They also sold 858 million euros worth of 10-year debt at a yield of 5.666%, which is down from 6.647% during a similar auction last month.  Demand was also up as reflected by a bid-to-cover ratio of 2.85, which is up from 2.4 in August.

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