Spain sells 4.6bn euros at bond auction

MADRID: Spain issued 4.6 billion euros ($5.2 billion) of bonds on Thursday at yields slightly lower than previous auctions as markets continued to assess the outlook for Britain, and the US shutdown failed to provide much direction to markets.

The Treasury had aimed to sell between 4 billion and 5 billion euros of the four bonds.

The shortest dated bond, due 2021, sold 1.4 billion euros at an average yield of -0.047 percent and a bid-to-cover, a measure of demand, of 2.1. The bond last sold Jan 3 at a rate of -0.039 percent and a bid-to-cover of 2.3.

The 2023 bond sold 1.7 billion euros at 0.289 percent and with demand outstripping supply by 1.7 times. The bond was also last sold on Jan 3 at a rate of 0.329 percent and with demand at 1.8.

The 2024 bond sold 726 million euros at an average yield of 0.565 percent and a bid-to-cover of 2.3, while the 2027 sold 811 million euros at 1.137 percent and with demand 2.1 times supply.