Dec. 1 (Bloomberg) -- The French government sold 4.346 billion ($5.87 billion) in debt in its last sale of long-term bonds this year, with the auction drawing three times more bids than securities on offer.
The weighted average yield on the 10-year bonds sold today was 3.18 percent, down from 3.22 percent at its Nov. 3 auction, Agence France Tresor said. The amount sold was less than the maximum target of 4.5 billion euros.
The sale comes after Germany failed to get bids for 35 percent of the 10-year bonds it offered on Nov. 23. The premium France pays to borrow for 10 years has dropped below 100 basis points today, after surging to a two-decade high of more than 200 points two weeks ago.
Also today, Spain sold 3.75 billion euros of bonds, the maximum amount planned. The euro strengthened after the governments sold debt. Stocks erased losses and U.S. index futures pared declines.
--Editors: Vidya Root
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