Dec. 20 (Bloomberg) -- Spain sold 5.64 billion euros of three-month and six-month bills, the Bank of Spain said, compared with a maximum target of 4.5 billion euros the Treasury had set for the sale.

The average yield on the three-month debt dropped to 1.735 percent, compared with 5.110 percent when the securities were last issued on Nov. 22, and the average six-month yield fell to 2.435 percent from 5.227 percent last month.

The bid-to-cover ratio for the three-month debt was 2.86 percent, compared with 2.85 on Nov. 22. It fell to 4.06 from 4.92 on the six-month securities.

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net