The Spanish government sold more bonds than it planned Thursday, but saw borrowing costs rise.
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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