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Spain Meets Target at Bond Auction as Borrowing Costs Rise

Spain sold 3 billion euros ($3.8 billion) of bonds, meeting its maximum target, even as borrowing costs rose on two of the three securities sold.

Spain priced its 10-year benchmark bond at an average yield of 6.43 percent, compared with 6.044 percent when the securities were last sold on June 7, and bonds maturing in 2016 yielded an average 5.536 percent, compared with 5.353 percent. It also sold its benchmark July 2015 bond to yield 5.086 percent, down from 5.457 percent on June 21.