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Spanish Bonds Advance as Borrowing Costs Drop Across Euro Region

Spain’s bonds rose after the nation sold 10-year debt at the lowest yield since September 2010 as borrowing costs for governments across Europe declined on bets interest rates will stay lower for longer.

Spanish 10-year securities gained for a second day as the nation auctioned 4.71 billion euros ($6.16 billion) of debt due between 2016 and 2023, beating its target of 4.5 billion euros. France sold five-year notes at a record-low rate, while Slovenia hired banks to organize meetings with investors a day after scooping up twice its target in a domestic offering. Italian bonds erased gains as lawmakers failed to elect a successor to President Giorgio Napolitano in the first round of voting.