Spain short-term yields fall to lowest since March

MADRID Tue Jan 22, 2013 4:50am EST

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MADRID Jan 22 (Reuters) - Spain's Treasury easily sold 2.8 billion euros ($3.7 billion) of short-term debt on Tuesday, beating the target amount for the auction and with average yields at their lowest since March.

The Treasury sold 1.2 billion euros of a 3-month bill and 1.6 billion euros of a 6-month bill. Together they beat the government's goal of issuing between 1.5 billion and 2.5 billion euros in the auction.

The average yield on the 3-month bill was 0.441 percent, down from 1.195 percent at the previous auction. The 6-month T-bill sold at a yield of 0.888 percent compared to 1.609 percent in December.

Both bills saw solid demand, with a bid-to-cover ratio of 4.2 on the 3-month paper, versus 2.9 on the last auction and 3.8 on the 6-month bill compared to 2.6 last month.

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