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Spanish Yields Below America’s as Rally Breaks New Ground

The next time Spain sells five-year debt, it may borrow the cash at a lower rate than the U.S. pays.

Yields on the Spanish notes fell below those of their U.S. equivalents today for the first time since 2007, the latest milestone in this year’s rally among the bonds of Europe’s most indebted nations. The Iberian country’s rate was more than 7 percentage points above its U.S. counterpart in 2012, before European Central Bank President Mario Draghi pledged to protect the euro, allaying concern the currency bloc would splinter.