Spain auctions debt worth 3b euros
Source: Agencies |
July 6, 2012, Friday
|
Print Edition
Print Edition
SPAIN managed to auction 3 billion euros (US$3.8 billion) in medium-term debt yesterday, in the first such sale since EU leaders last week agreed to new measures to help countries in trouble.
Demand was good, helping the Treasury sell at the top end of its range of between 2 billion euros and 3 billion euros in the auction of three-, four- and 10-year bonds.
Investors exacted a price? the interest rate on the sale of 747 million euros in benchmark 10-year bonds rose to 6.43 percent from 6.04 percent at the last such auction on June 7. This was the highest rate since November.
However, the rate on 3-year bonds fell from 5.5 percent to 5.1 percent. The rate on the four-year bonds was 5.54 percent, up from 5.36 percent on June 7.
Last week's summit was perceived as a victory for Spain and Italy because euro leaders agreed to allow the permanent bailout fund to recapitalize troubled banks directly, rather than through governments, which would add to their debt burdens.
On the secondary market, Spanish 10-year bonds were trading at 6.49 percent, up 16 basis points for the day.
Demand was good, helping the Treasury sell at the top end of its range of between 2 billion euros and 3 billion euros in the auction of three-, four- and 10-year bonds.
Investors exacted a price? the interest rate on the sale of 747 million euros in benchmark 10-year bonds rose to 6.43 percent from 6.04 percent at the last such auction on June 7. This was the highest rate since November.
However, the rate on 3-year bonds fell from 5.5 percent to 5.1 percent. The rate on the four-year bonds was 5.54 percent, up from 5.36 percent on June 7.
Last week's summit was perceived as a victory for Spain and Italy because euro leaders agreed to allow the permanent bailout fund to recapitalize troubled banks directly, rather than through governments, which would add to their debt burdens.
On the secondary market, Spanish 10-year bonds were trading at 6.49 percent, up 16 basis points for the day.
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