Spain sold 3.13 billion euros ($3.84 billion) of bonds today, exceeding a target of 3 billion euros even as borrowing costs rose before a European Central Bank policy makers’ meeting to discuss ways to ease the debt crisis.
The Treasury in Madrid sold its 10-year benchmark bond at an average yield of 6.647 percent, compared with 6.430 percent at the last auction on July 5, and debt maturing in October 2016 at an average rate of 5.971 percent, compared with 5.536 percent last month. A July 2014 bond was sold to yield 4.774 percent.
Demand for the 10-year securities was 2.4 times the amount sold, down from 3.18 times in July, while the bid-to-cover ratio for the 2016 bonds was 2.72 compared with 2.56. It was 3 times for the 2014 securities.
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