Spain Starts To Feel The Pinch
Source: Agencies |
May 7, 2010, Friday
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Print Edition
Print Edition
SPAIN'S borrowing costs rose significantly yesterday in its first debt auction since its credit rating was downgraded last week by Standard & Poor's amid concerns it might be hit by a Greek-style debt crisis.
The Spanish Treasury said it issued 2.345 billion euros (US$3.05 billion) in five-year bonds at an interest rate of 3.58 percent, up from 2.84 percent on the March auction.
It said yesterday's auction was oversubscribed, with the Treasury receiving 5.522 billion euros in bids.
The Treasury said its target this time was to issue between 2 billion and 3 billion euros in five-year bonds.
The Spanish Treasury said it issued 2.345 billion euros (US$3.05 billion) in five-year bonds at an interest rate of 3.58 percent, up from 2.84 percent on the March auction.
It said yesterday's auction was oversubscribed, with the Treasury receiving 5.522 billion euros in bids.
The Treasury said its target this time was to issue between 2 billion and 3 billion euros in five-year bonds.
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