MADRID: Spain sold 4 billion euros ($5.3 billion) at a double-bond sale on Thursday, at the top end of the target amount and at lower yields than previous auctions boosted by growing evidence the battered economy is emerging from a two-year recession.
The Treasury aimed to sell between 3 billion and 4 billion euros of the benchmark five- and 10-year bonds.
The bond maturing Oct. 31, 2018 sold 1.6 billion euros at a bid-to-cover ratio of 2.6 after 1.7 at the last auction on August 1. The average yield was 3.477 percent, down from 3.561 percent at the previous outing.
The Oct. 31, 2023 bond sold for an average yield of 4.503 percent compared to 4.723 percent on July 18. The ten-year benchmark sold 2.4 billion euros and was 2 times subscribed after being 2.3 times subscribed in July.
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