Spain hits target with 3.5 billion euro triple bond sale

08 Feb, 2016

Spain sold 3.5 billion euros ($3.90 billion) of debt at a triple bond sale on Thursday, in line with its target as political uncertainty fails to dissuade investors in search of returns.
Spain has been unable to form a government since the December 20 election, with four political parties struggling to form a coalition. A strong pace of economic growth, which according to officials hit a year-on-year rhythm of 3.5 percent in January, is giving some solace to investors, however.
Yields nudged up on some of the Spanish paper sold on Thursday, though a bounce in oil prices has caused similar moves across the euro zone.
An inflation linked November 30, 2019 bond sold 675 million euros at an average yield of -0.096 percent compared to -0.251 percent when it last auctioned November 5. The bond was 2.9 times subscribed after 2.8 times previously.
The April 30, 2026 bond sold 2.2 billion euros at an average yield of 1.694 percent and a bid-to-cover ratio of 1.9.

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