MADRID Dec 13 Spain's Treasury sold 2 billion
euros of bonds on Thursday, hitting its target for the auction
and with yields falling on two medium-term issues but rising on
a rare long bond.
The longest-dated bond, due July 30, 2040, with a 4.9
percent coupon, sold 540 million euros and was 2.1 times
subscribed, compared to 2.0 times when it was last sold over
three years ago.
The bond sold at an average yield of 5.893 percent, compared
to 4.738 percent when it last sold in March 2009.
Spain sold 681 million euros of a bond maturing Oct. 31,
2015, with a 3.75 percent coupon, at an average yield of 3.358
percent compared to a previous 3.390 percent when it was last
sold on the primary market on Dec. 5.
Demand was much higher than the previous auction, with the
bond 4.8 times subscribed compared to 2.0 percent.
The Treasury also sold 803 million euros of a bond maturing
July 30, 2017, with a 5.5 percent coupon. The bond had a
bid-to-cover ratio of 3.1 compared to 2.6 when it last sold Nov.
The yield was 4.200 percent, below the November yield of