Spain fares better than expected at bond auction |
Reuters - Jan 13, 2011 |
Investors showed appetite for Spain's debt Thursday, pushing borrowing costs up less than expected at its debut debt auction for 2011 and alleviating some concerns about the euro zone's more vulnerable debtor nations.
Spain sold 3 billion euros of its five-year bonds, at the top end of the Treasury's target range but less than the 3.4 billion euros sold at the previous auction on November 4, which had a higher target. Bids of over 6 billion euros were taken.
The Treasury paid nearly a full percentage point more to sell the debt than last time, but much less than a 150 basis point premium priced in at the start of the week had suggested.
Minutes later, Italy also sold 6 billion euros of debt, again at the top end of its target range.
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- Posted: 2011-01-13 10:17:23
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