Spain Meets Maximum Target at Bill Auction as Yields Increase

Spain met its upper goal at a sale of bills today as borrowing costs rose ahead of a meeting of European Union leaders.

The Madrid-based Treasury sold 3.51 billion euros ($4.52 billion) of bills, compared with an upper target of 3.5 billion euros. It sold three-month bills at an average 0.331 percent today, compared with 0.12 percent on April 23. It sold nine-month debt at 0.789 percent, compared with 0.787 percent at the previous auction.

Demand for three-month debt was 4.29 times the amount sold, up from 3.76 last month. The ratio fell to 2.16 from 2.37 on the longer-dated securities, the Bank of Spain said.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editor responsible for this story: Ben Sills at bsills@bloomberg.net

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