Spanish Two-Year Notes Advance Before Bill Sale; Yield at 3.70%

Spanish two-year notes advanced for the first time in five days before the nation sells as much as 3.5 billion euros of 84- and 168-day bills today.

Spain’s two-year rate was four basis points lower at 3.70 percent as of 9:20 a.m. London time. The yield on similar- maturitiy Italian notes was little changed at 3.13 percent before the nation auctions zero-coupon and inflation-linked securities.

Spain sold 84-day securities on July 24 at an average yield of 2.434 percent, and 175-day debt the same day at 3.691 percent.

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