Spain has been unable to form a government since the Dec. 20 election, with four political parties struggling to form a coalition.
A strong pace of economic growth, which according to officials hit a year-on-year rhythm of 3.5 percent in January, is giving some solace to investors, however. Yields nudged up on some of the Spanish paper sold on Thursday, though a bounce in oil prices has caused similar moves across the euro zone.
An inflation linked Nov. 30, 2019 bond sold 675 million euros at an average yield of -0.096 percent compared to -0.251 percent when it last auctioned Nov. 5.
The bond was 2.9 times subscribed after 2.8 times previously.
The April 30, 2026 bond sold 2.2 billion euros at an average yield of 1.694 percent and a bid-to-cover ratio of 1.9.
The bond was introduced via syndicate mid-January when it sold at a yield of 1.986 percent, though an Oct. 31 2025 issue with a similar coupon of 2.15 percent sold for an average yield of 1.461 percent when it was last auctioned on Dec. 3.
The Jan. 31, 2037 bond sold 591 million euros at an average yield of 2.614 percent and was 2.6 times subscribed.
The closest, most recent comparable bond was a July 30, 2040 bond auctioned Dec. 17 for 2.720 percent and demand was twice that supplied.
The Treasury had aimed to sell between 2.75 billion and 4.25 billion euros of the three bonds.