Spanish Bonds Drop as Rehn Says 2014 Deficit Steps Fall Short
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Spanish bonds fell, with 10-year yields rising toward the highest in six weeks, as European Union Economic and Monetary Commissioner Olli Rehn said the nation’s steps to reduce its 2014 deficit are falling short.
Spanish securities led losses across the euro region after Rehn told reporters in Brussels that only the nation had the right to ask for a bailout from the European Central Bank, suggesting a request for aid will be delayed. Italy’s government securities erased gains after the nation sold 5 billion euros ($6.36 billion) of debt. Germany’s bunds were little changed as it auctioned two-year notes at a negative yield for only the second time.