Spain Sells 2.54 Billion Euros of Bonds, Meets Target

Spain sold 2.54 billion euros of two-year and 10-year bonds, compared with a maximum target of 2.5 billion euros.

The Treasury sold its 10-year benchmark bond at an average yield of 5.743 percent, compared with 5.789 percent on the secondary market before the auction, and 5.403 percent when it last sold them in January. It sold two-year securities at 3.463 percent.

Demand for the 10-year debt was 2.42 times the amount sold, compared with 2.17 at the Jan. 19 sale, and the bid-to-cover for the bonds maturing in October 2014 was 3.28.

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