LONDON (ShareCast) - Spain managed to sell more short-term sovereign debt that it had originally predicted today but with mixed results on both demand and financing costs.
The Spanish Treasury sold a total of €3.51bn in debt, above the €2.5bn-€3.5bn range announced on Monday.
It issued €892m in three-month bills but the average yield moved up to 0.331% from the prior 0.120%. However, demand also increased as the bid-to-cover ratio rose to 4.29 from the previous 3.76.
Spain also sold €2.62bn with the yield rising slightly from 0.787% to 0.789%. The bid-to-cover however dropped to 2.16, from the prior 2.37.