Spain sells €4.25bn of bonds
Spain sold €4.25 billion of bonds at an auction in Madrid today falling short of its maximum target as yields declined.
The Treasury sold €1.12 billion of bonds maturing in 2022 with a bid-to-cover ratio of 2.29 compared with 1.88 the last time the debt was sold on October 18.
The agency sold €2.12 billion of 2015 paper with bid- to-cover ratio of 2 compared with 2.09 on November 22 and €1 billion of July 2019 notes with a bid-to-cover of 2.46.
The 2019 paper hasn't been sold for almost two years.
The average yield on the 2022 debt was 5.29 per cent compared with 5.458 per cent in October.
The 2015 bonds yielded 3.39 per cent on average compared with 3.617 per cent in November and the 2019 paper yielded 4.669 per cent.