The Spanish government sold more bonds than it planned Thursday, but saw borrowing costs rise. The government auctioned a total of 2.52 billion euros ($3.31 billion) of bonds, exceeding its target range of 1.5 billion to 2.5 billion euros. Spain sold 978.9 million euros of three-year bonds at a yield of 4.04%, up from 2.62% in a previous sale. Bids exceeded supply 2.88 times versus 2.37 times at the last auction in March. Spain also sold 764.5 million euros of five-year bonds, producing an average yield of 4.75% and a bid-to-cover ratio of 3.69. A previous sale in February saw a yield of 3.57% and a bid-to-cover of 2.7. A sale of 773 million euros of bonds maturing in 2017 saw a yield of 4.96% and produced a 3.1 bid-to-cover.

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