Spain sells 5.0bn euros of bonds

LONDON: Spain's 5.03 billion euro bond auction on Thursday showed lower borrowing costs and plenty of willing buyers, despite renewed concerns about peripheral euro zone debt following Italy's inconclusive elections.

The Treasury sold 2.435 billion euros of 2023 bonds at a yield of 4.917 percent, down from 5.2 percent in February with a bid/cover ratio of 2.3, above the 1.6 seen last time round.

Yields were 3.572 percent and 2.632 percent respectively on the 2018 and 2015 bonds on offer, also lower than at the previous auction. The bid cover on the 2018 bond was 2.3, slightly below the average this year of 2.4, while the 2015 bid cover was 4.9, up from 2 at the previous sale in January.