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Spanish 10-Year Bonds Drop After S&P Cuts Rating; Yield at 5.88%

Oct. 11 (Bloomberg) -- Spanish government bonds fell after the nation’s debt rating was cut to one level above junk by Standard & Poor’s.

The 10-year bond yield climbed eight basis points, or 0.08 percentage point, to 5.88 percent at 7:31 a.m. London time, widening the yield difference over similar-maturity benchmark German bunds to 443 basis points.

Two-year note rates advanced 12 basis points to 3.39 percent. Spain’s rating was lowered two levels to BBB- from BBB+, New York-based S&P said in a statement yesterday.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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