Spain raises US$4b in debt auction
Source: Agencies |
January 14, 2011, Friday
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Print Edition
Print Edition
SPAIN easily raised 3 billion euros (US$3.9 billion) yesterday in a debt auction that was a key test of investor confidence, the day after a successful bond sale in Portugal eased market pressures somewhat.
Demand was strong, with bids worth 2.1 times the amount on offer. However, the average yield on the 5-year bonds was up to 4.54 percent compared with 3.58 percent at the last such auction on November 4. Then, the sale was only 1.6 times oversubscribed.
Spain had hoped to raise between 2 billion-3 billion euros yesterday.
The sale came a day after Portugal, which many fear might be the next in line to need a bailout after Greece and Ireland, saw good demand for its debt auction.
Spain's main stock index closed 5 percent higher on Wednesday and was up another 2 percent yesterday shortly after the bond auction figures came out.
Spain insists neither Portugal nor itself need a bailout.
Demand was strong, with bids worth 2.1 times the amount on offer. However, the average yield on the 5-year bonds was up to 4.54 percent compared with 3.58 percent at the last such auction on November 4. Then, the sale was only 1.6 times oversubscribed.
Spain had hoped to raise between 2 billion-3 billion euros yesterday.
The sale came a day after Portugal, which many fear might be the next in line to need a bailout after Greece and Ireland, saw good demand for its debt auction.
Spain's main stock index closed 5 percent higher on Wednesday and was up another 2 percent yesterday shortly after the bond auction figures came out.
Spain insists neither Portugal nor itself need a bailout.
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