Spain Sells Twice Goal at Bond Auction as Funding Costs Fall
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Spain sold 10 billion euros ($13 billion) of bonds, twice the target for the sale, while Italy placed 12 billion euros of bills, easing concerns the countries would struggle to finance their debts and sending bonds higher.
Spain sold a new benchmark three-year note due July 2015 to yield 3.384 percent, the Bank of Spain said in Madrid. That compared with 5.187 percent the last time similar maturity debt was sold in December. Italy’s Treasury sold one-year bills at 2.735 percent, less than half the 5.952 percent paid on similar-maturity securities on Dec. 12.