Spain sells 4.9 bln euros in short-term debt, beats target

MADRID Tue Nov 20, 2012 5:02am EST

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MADRID Nov 20 (Reuters) - Spain sold 4.9 billion euros ($6.3 billion) of short-term debt on Tuesday, with yields similar to a month ago and holding at high levels due to Spain's grim economic outlook.

The treasury sold 4.2 billion euros of a 12-month bill and 713 million euros of an 18-month bill. Together they beat the government's target, which was to issue 3.5 billion to 4.5 billion euros.

The average yield on the 12-month bill was 2.797 percent, down slightly from 2.823 percent at the previous auction, and it was 3.034 percent on the 18-month paper, up from 3.022 percent in October.

The 18-month bill saw the strongest demand, with a bid-to-cover ratio of 5.7 after 3.0 at the last auction, while the 12-month bill was 2.1 times subscribed after 2.7 times in October.

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