Spain remains comfortable in sovereign debt market

LONDON (ShareCast) - Spain has found another 4.0bn euros in financing after issuing three and nine-month bills in the sovereign debt market.

The Spanish Treasury has raised €885.7m with the issuance of three-month bills and a yield of 0.42%, slightly lower than the previous 0.44%. Demand improved with a bid-to-cover ratio of 5.75, compared to 4.18 in the previous auction.

The nine-month bill issue fetched €3.115bn at a yield of 1.165% and a bid-to-cover ratio of 2.31.

As such, the Spanish Treasury matched the top end of its €3-4bn target for Tuesday's auction and will look to pick another €3-4bn in longer-dated bonds with the issuance of two-, seven- and 10-year bonds on Thursday.

SC