Spain sells 3.5bn euros of bills, yields edge higher

MADRID: Spain's Treasury sold 3.5 billion euros ($4.5 billion) of 3- and 9-month debt on Tuesday, the top of its targeted amount, though yields were slightly higher than a month earlier on the short-term paper.

The Treasury, which had aimed to sell between 2.5 billion and 3.5 billion euros of debt, sold 892 million euros of 3-month paper at an average yield of 0.331 percent compared to 0.120 percent at the last auction on April 23.

Bid-to-cover, a measure of demand for the bills, was 4.3 compared to 3.8 last month.

The 9-month paper sold 2.6 billion euros for 0.789 percent, similar to 0.787 percent in April, and was 2.2 times subscribed compared to 2.4 times at the last auction.