Spain sells 3.5bn euros of short-term debt

MADRID: Spain sold slightly more than the top end of its targeted amount at a scheduled auction of 3- and 9-month T-bills on Tuesday, with lower yields than previously.

The Treasury sold 3.53 billion euros compared to a target range of between 2.5 billion and 3.5 billion euros.

The 3-month bill sold 933 million euros at an average yield of 0.110 percent compared to a 0.295 percent at the last auction of the same maturity May 20. The bond was 3.8 times subscribed after 3.5 times previously.

The 9-month bill sold for an average yield of 0.307 percent compared to 0.552 percent previously in May. The Treasury sold 2.6 billion euros of the bill, though demand outstripped that by 6.3 times compared to 2.3 times at the previous auction.