France Joins Spain to Defy Moody’s With EU14.2 Billion Debt-Sale
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France and Spain sold 14.2 billion euros ($18.5 billion) in bonds, defying a ratings cut for some European nations by Moody’s Investors Service and concern about a second bailout for Greece.
Both countries had more demand for their debt than they offered. France sold 8.45 billion in two- three- and five-year bonds and 1.71 billion euros of index-linked debt. Spain issued 4.07 billion euros in securities maturing in 2015 and October 2019. The yield on France’s benchmark two-year notes fell, while Spanish borrowing costs rose.