Spanish 10-Year Government Bonds Advance Before Note Auctions

Spanish 10-year bonds advanced as the nation prepared to sell as much as 2 billion euros ($2.5 billion) of notes maturing in 2014, 2015 and 2017.

The 10-year rate fell 11 basis points to 6.64 percent at 8:29 a.m. London time.

Similar-maturity Italian debt also rose, with the yield dropping six basis points to 5.71 percent.

Borrowing costs for Spanish one-year bills surged to more than 5 percent at a sale two days ago.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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