Spain Borrowing Costs at Two-Year Low Amid Italy Turmoil
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Spain’s five-year and 10-year borrowing costs fell to the lowest in over two years at a debt sale today suggesting Italy’s political stalemate hasn’t yet affected confidence in the euro-area’s fourth largest economy.
The Madrid-based Treasury sold 5.03 billion euros of debt ($6.6 billion), in line with its maximum target of 5 billion euros. Its 10-year benchmark yielded 4.917 percent, the least since November 2010, and its five-year benchmark yielded 3.572 percent, the least since September 2010. A two-year bond was sold to yield 2.632 percent, down from 2.713 percent the last time it was offered on Jan. 17.