MADRID Jan 10 Spain's Treasury sold 5.8 billion
euros in bonds on Thursday, well above its target range of 4
billion to 5 billion euros, and borrowing costs came down at its
first debt auction of the year.
The longest-dated bond, due July 30, 2026, with a 5.9
percent coupon, sold 470 million euros and was 2.9 times
subscribed, compared to 2.1 times when it was last sold a year
and a half ago.
The bond sold at an average yield of 5.555 percent, compared
with 6.191 percent in July 2011.
Spain also sold 3.397 billion euros of a new bond maturing
March 31, 2015, with a 2.75 percent coupon. The bond had a
bid-to-cover ratio of 2.1 and a yield of 2.476 percent.
It sold 1.950 billion euros of a Jan. 31, 2018 bond with a
4.5 percent coupon at an average yield of 3.988 percent compared
to a previous 4.680 percent when it was last sold on the primary
market on Nov. 8.
Demand was higher than the previous auction, with the bond
2.6 times subscribed compared to 1.6 times in November.