Spanish 3-month yields decline, 6-month unchanged at auction
Investing.com
Published Nov 27, 2012 04:48AM ET
Spain’s Treasury sold EUR1.48 billion worth of three-month government bonds at an average yield of 1.254% earlier in the day, down from 1.415% at a similar auction last month.
Demand was strong, with bids exceeding supply 3.52 times versus a "bid-to-cover" ratio of 4.32 in October.
Spain also sold EUR2.61 billion of six-month debt at an average yield of 2.023%, unchanged from a similar auction last month. The bid-to-cover ratio stood at 2.3, compared to 1.99 at an auction in October.
In total, Spain’s Treasury sold EUR4.09 billion of government debt, above the full targeted amount of EUR4 billion.
The yield on Spanish 10-year bonds stood at 5.61% following the auction. Meanwhile, the euro was lower against the U.S. dollar, with EUR/USD shedding 0.11% to trade at 1.2957.
European stock markets held on to gains. Spain’s IBEX 35 Index rose 0.5%, the EURO STOXX 50 added 0.5%, France’s CAC 40 climbed 0.5%, Germany's DAX tacked on 0.65%, while London’s FTSE 100 advanced 0.5%.
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Written By: Investing.com
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