MADRID: Spain easily beat the top end of target amount at a T-bill sale on Tuesday, with demand for the 3-month paper high as the Treasury offers less short-term debt at its scheduled auctions and shifts its focus to longer-term bonds.
The Treasury sold 3.1 billion euros ($4.24 billion) of 3- and 9-month bills compared to a target range of between 2 billion and 3 billion euros.
The 3-month T-bill sold 937 million euros with demand at 5.2 times that and after a previous bid-to-cover ratio of 2.5.
The average yield was 0.343 percent after 0.631 percent when the bill last sold Dec. 17.
The Treasury sold 2.2 billion euros of the 9-month paper, which was 2.2 times over subscribed after seeing bids exceed allotted amounts by 2.7 times last month.
The average yield was 0.655 percent, down from 0.841 percent previously.
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