Spain auctions 4.5 bln euros in bonds, yields fall
MADRID, March 21
MADRID, March 21 (Reuters) - Spain's borrowing costs fell slightly at an auction on Thursday of 4.5 billion euros ($5.8 billion) in three bonds that drew strong demand as investors ignored uncertainty over Cyprus.
Madrid had aimed to sell between 3 billion and 4 billion euros at the triple bond auction.
The Treasury sold 1.2 billion euros of a bond due March 31, 2015, at an average yield of 2.275 percent compared to 2.540 percent when it last sold Feb. 21. The bond was 4 times subscribed after 3.7 times in February.
The bond maturing Jan. 31, 2018 sold 1.0 billion euros, while yields fell to 3.557 percent from 3.572 percent just two weeks ago, with a bid-to-cover ratio of 3.6 compared to 2.3 previously.
The yield on the longer-dated, benchmark bond, due Jan. 31, 2023 was 4.898 percent compared to 4.917 percent at the beginning of March, with demand outstripping supply by 1.9 times compared to 2.3 times previously.
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