Investing.com - Spain saw borrowing costs for its three-month debt edge up, while yields on six-month government bonds eased down at an auction Tuesday, amid ongoing uncertainty over Spain’s bailout plan.
Spain’s Treasury sold EUR967 million worth of three-month government bonds at an average yield of 1.415% earlier in the day, up from 1.203% at a similar auction last month.
Demand was strong, with bids exceeding supply 4.32 times versus a "bid-to-cover" ratio of 3.29 in September.
Spain also sold EUR2.56 billion of six-month debt at an average yield of 2.023%, down from 2.213% at a similar auction last month. The bid-to-cover ratio stood at 1.99, compared to 1.83 at an auction in September.
In total, Spain’s Treasury sold EUR3.52 billion of government debt, above the full targeted amount of EUR3.5 billion.
The yield on Spanish 10-year bonds stood at 5.56% following the auction. Meanwhile, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.2% to trade at 1.3034.
European stock markets remained lower. Spain’s IBEX 35 Index dipped 0.7%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 slumped 0.65%, Germany's DAX dropped 0.9%, while London’s FTSE 100 declined 0.65%.
Spain’s Treasury sold EUR967 million worth of three-month government bonds at an average yield of 1.415% earlier in the day, up from 1.203% at a similar auction last month.
Demand was strong, with bids exceeding supply 4.32 times versus a "bid-to-cover" ratio of 3.29 in September.
Spain also sold EUR2.56 billion of six-month debt at an average yield of 2.023%, down from 2.213% at a similar auction last month. The bid-to-cover ratio stood at 1.99, compared to 1.83 at an auction in September.
In total, Spain’s Treasury sold EUR3.52 billion of government debt, above the full targeted amount of EUR3.5 billion.
The yield on Spanish 10-year bonds stood at 5.56% following the auction. Meanwhile, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.2% to trade at 1.3034.
European stock markets remained lower. Spain’s IBEX 35 Index dipped 0.7%, the EURO STOXX 50 fell 0.7%, France’s CAC 40 slumped 0.65%, Germany's DAX dropped 0.9%, while London’s FTSE 100 declined 0.65%.