Spain sells 3bn euros in bonds, yields drop to record lows

MADRID: Spain sold 3 billion euros (3.94 billion US dollar) of debt at a double bond auction on Thursday, at the top end of its target range and at record low yields on both maturities.

The government had aimed to sell between 2 billion and 3 billion euros of the two bonds.

The Treasury sold 2.3 billion euros of a bond due Oct. 31, 2024, at an average yield of 2.272 percent, down from 2.686 percent at the last auction on Aug 7. The bond was 1.8 times subscribed compared to 2.1 times last month.

The Oct. 31, 2044 bond sold for 3.594 percent, compared to 4.043 percent at the last auction of the same bond on July 3, and sold 714 million euros. The bond was 2 times subscribed compared to 1.8 times in July.