Spain beats target at triple-bond sale
MADRID, July 17
MADRID, July 17 (Reuters) - Spain sold 3.2 billion euros ($4.33 billion) of debt at a triple bond auction on Thursday, beating the top end of its target range, as investors' fears of contagion from the financial troubles at Portugal's biggest bank dissipate.
The Treasury had aimed to sell between 2 billion and 3 billion euros of the three bonds.
The Treasury sold 1.1 billion euros of a bond due April 30, 2017, at an average yield of 0.692 percent, down from 0.876 percent at the last auction June 18 and at a record low of any comparable maturity. The bond was 3.9 times subscribed compared to 2.1 times earlier in the month.
The January 31, 2022 bond, with a 5.85 percent coupon, also sold 1.1 billion euros with demand exceeding supply by 2.3 times and at an average yield of 2.091 percent.
A comparable bond, with a 4 percent coupon, was last auctioned May 8, at a yield of 1.9 percent and a bid-to-cover of 2.0.
The July 30, 2032 bond sold 1.0 billion euros at an average yield of 3.503 percent and a bid-to-cover ratio, a measure of demand, at 2.0.
The latest comparable paper was an Oct. 31, 2028 bond with 5.15 percent coupon, was auctioned May 8 and sold for an average yield of 3.514 percent and a bid-to-cover of 2.5. ($1 = 0.7390 Euros) (Reporting by Paul Day; Editing by Sonya Dowsett)