Spain sells 3.9 bln euros of bonds, beats target
MADRID Nov 22 (Reuters) - Spain's Treasury sold 3.9 billion euros ($5 billion) of medium- and long-term debt on Thursday, its first step in building funds for a difficult 2013 as the country struggles to meet a strict deficit target and emerge from recession.
The longest-dated bond, due April 30, 2021, with a 5.5 percent coupon, sold 1.5 billion euros and was 1.8 times subscribed, compared to 2.2 times when it was last sold in December of last year.
The bond sold at an average yield of 5.517 percent, compared to a yield of around 5.68 percent of the comparable 10-year bond in the secondary market on Thursday.
Spain sold 1.7 billion euros of a bond maturing Oct. 31, 2015, with a 3.75 percent coupon, at an average yield of 3.617 percent compared to a previous 3.660 percent when it was last sold on the primary market Nov. 8.
Demand was slightly weaker than the previous auction, with the bond 2.1 times subscribed compared to 2.8 percent.
The Treasury also sold 645 million euros of a bond maturing July 30, 2017, with a 5.5 percent coupon. The bond had a bid-to-cover ratio of 2.6 compared to 2.5 when it last sold Oct. 4.
The yield was 4.477 percent, below the October yield of 4.766 percent.