LONDON: Spain sold 4.71 billion euros of government bonds on Wednesday, with its borrowing costs falling as expectations of further monetary easing in the euro zone spurred investors to snap up higher yielding debt.
The Jan. 31, 2023 bond sold at an average yield of 4.612 percent, compared with 4.898 percent at a March sale of the paper and a 5.01 percent average at this year's auctions. Investors bid for 2.6 times the amount allocated versus 1.9 times in March and a 1.93 average.
The Jan. 31, 2018 and July 30, 2016 bonds were auctioned at average yields of 3.247 and 2.792 percent respectively, compared with 3.557 and 3.019 percent last time they were sold. Bid/covers were 2.5 for the five-year paper and 2.8 for the three-year bond, versus 3.6 and 1.9 last time.
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