Investing.com - Spain saw borrowing costs fall to the lowest level on record at an auction of three-year government bonds on Thursday, amid ongoing optimism over the health of the euro zone’s fourth largest economy.
Spain’s Treasury sold EUR2.66 billion worth of three-year government bonds at an average yield of 1.595% earlier in the day, down from 2.064% at a previous auction.
In addition, Spain sold EUR1.81 billion of debt maturing in 2026 at an average yield of 3.977%, down from 4.4695 at a previous auction. Madrid also sold EUR1.44 billion of debt maturing in 2028 at an average yield of 4.199%, up slightly from 4.192% at a similar auction last month.
In total Spain’s Treasury sold EUR5.91 billion worth of debt, above the full targeted amount of EUR5.5 billion.
The yield on Spanish 10-year bonds stood at 3.754% following the auction. Meanwhile, the euro held on to modest gains against the U.S. dollar, with EUR/USD adding 0.15% to trade at 1.3625.
European stock markets remained lower following the auction. Spain’s IBEX 35 Index dipped 0.1%, the EURO STOXX 50 shed 0.1%, France’s CAC 40 declined 0.2%, Germany's DAX was flat, while London’s FTSE 100 eased down 0.1%.
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Yields fall to record low as Spain sells 3-year debt
Published 01/16/2014, 04:59 AM
Yields fall to record low as Spain sells 3-year debt
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