France Sells EU8.44 Billion in Debt, Maximum Amount Sought
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France sold 8.44 billion ($11.02 billion) in bonds, close to the maximum it sought, as demand for the securities held up in the face of the country’s presidential election and investor concern about neighboring Spain.
The sale was at the top of the treasury’s planned range of between 7 billion and 8.5 billion euros. The bid-to-cover ratio, or the demand relative to the amount sold, was 2.65, up from 2.47 at the last auction and higher than the 2011 average. While the borrowing cost on 10-year debt was higher than in the last auction on March 1, the 30-year yield fell.