Spain’s Treasury sell 4.5 bln at top of its target range
Spain sold €4.5 billion worth of short-term debt, the Spanish Treasury announced on Thursday. The amount sold was at the top of the target range of €3.5-4.5 billion. Yields fell on all three papers sold, compared with previous auctions.
The Treasury sold €2.4 billion of April 2014 bonds, at an average coupon of 3.4%, €981 million worth of bonds maturing in October 2014, at a 3.3% coupon and €1.1 billion of April 2015 bonds with a 3.0% coupon.
The bonds were sold at a bid-to-cover ratio of 1.8x, 2.0x and 2.1x for the April 2014, October 2014 and April 2015 bonds respectively.
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