MADRID Nov 22 Spain's Treasury sold 3.9 billion
euros ($5 billion) of medium- and long-term debt on Thursday,
its first step in building funds for a difficult 2013 as the
country struggles to meet a strict deficit target and emerge
The longest-dated bond, due April 30, 2021, with a 5.5
percent coupon, sold 1.5 billion euros and was 1.8 times
subscribed, compared to 2.2 times when it was last sold in
December of last year.
The bond sold at an average yield of 5.517 percent, compared
to a yield of around 5.68 percent of the comparable 10-year bond
in the secondary market on Thursday.
Spain sold 1.7 billion euros of a bond maturing Oct. 31,
2015, with a 3.75 percent coupon, at an average yield of 3.617
percent compared to a previous 3.660 percent when it was last
sold on the primary market Nov. 8.
Demand was slightly weaker than the previous auction, with
the bond 2.1 times subscribed compared to 2.8 percent.
The Treasury also sold 645 million euros of a bond maturing
July 30, 2017, with a 5.5 percent coupon. The bond had a
bid-to-cover ratio of 2.6 compared to 2.5 when it last sold Oct.
The yield was 4.477 percent, below the October yield of