MADRID, March 21 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
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.