MADRID: Spain sold 5 billion euros ($5.89 billion) of debt at its first bond auction of the year on Thursday, at slightly lower average yields as investors await some kind of European Central Bank bond-buying scheme in the face of falling prices.
Spain's Treasury hit the top end of its target to sell between 4 billion and 5 billion euros.
The Treasury sold 2.8 billion euros of the bond due Jan 31, 2020, at an average yield of 0.928 percent compared to 0.946 percent in a Dec. 4 auction. The bid-to-cover ratio, a measure of demand, was 1.5 compared to 2.7 last time.
Spain also sold a bond due Oct 31, 2028, at 2.272 percent, down from 2.842 percent at its last outing on Oct. 16. The Treasury sold 1.5 billion euros of that paper, which was 1.7 times subscribed versus 1.3 times in October.
The Treasury sold 638 million euros of a 4.2 percent bond due Jan 31, 2037 at an average yield of 2.701 percent and a bid-to-cover of 2.3.
The nearest comparable bond, due July 30, 2041, with a 4.7 percent coupon, last sold Nov. 20 at an average yield of 2.842 percent and 1.3 times subscribed.
Comments
Comments are closed for this article.