The Spanish Tesoro exceeded its maximum target in a bond auction on Thursday, at lower borrowing costs, as the indebted nation started raising cash for next year. Spain sold a total of €3.88 bln in 2015, 2017 and 2021 debt, more than its targeted €3.5 bln.
The Madrid-based Treasury sold the 2015 paper at an average yield of 3.617 percent, compared with 3.660 percent earlier in the month. It sold the five-year, 2017 notes at an average cost of 4.477 percent against 4.766 percent at the previous sale, while ten-year bonds sold yielded 5.517 percent.
Demand was 2.09 times the amount sold for the 2015 paper, down from 2.83, 2.61 times for the 2017 notes from 2.47 times and 1.77 times for the 2021 bonds.
Spain's ten-year rate fell four basis points to 5.68 percent following the auction while EUR/USD rose to its session high by 1.2869.
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