January 9, 2014 / 10:01 AM / in 4 years

Spain sells 5.3 bln euros in bonds, beats target

MADRID, Jan 9 (Reuters) - Spain sold 5.29 billion euros ($7.19 billion) at a double bond auction on Thursday, beating its target and drawing solid demand for its debt ahead of a European Central Bank rate-setting meeting which could provide hints about future monetary actions.

The sale took place as Spanish bond yields hit four-year lows on Wednesday, with investors showing optimism the Treasury would easily place the 242 billion euros of debt it plans to issue in 2014.

Spanish 10-year bond yields were slightly up on Thursday, at 3.726 percent, but still close to their lowest level of the day before.

The Treasury beat its target of selling between 4 billion and 5 billion euros of the debt, which included a new 2019 bond and 2028 paper.

It sold 3.53 billion euros of the shorter-term bond, due April 30, 2019, at an average yield of 2.382 percent. The bid-to-cover ratio, a indication of demand, was 1.8.

The October 31, 2028 bond sold 1.76 billion euros at an average yield of 4.192 percent. Bid-to-cover was 2.7 on that bond.

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