Bloomberg News

Spain Sells 9.98 Billion Euros of Notes, Twice Maxium Target

January 12, 2012

Jan. 12 (Bloomberg) -- Spain sold 9.98 billion euros of bonds maturing in 2015 and 2016, including a new three-year benchmark security, twice the maximum target of 5 billion euros set for the sale.

Demand for the new three-year benchmark bond was 1.8 times the amount sold, compared with a bid-to-cover of 2.7 the last time securities of a similar maturity were sold on Dec. 1, the Bank of Spain said.

The yield on the new benchmark, which matures in July 2015, was 3.384 percent, compared with 5.187 percent when Spain sold notes maturing in April 2015 at an auction in December.

To contact the reporter on this story: Emma Ross-Thomas in Madrid at erossthomas@bloomberg.net

To contact the editor responsible for this story: Fergal O’Brien at fobrien@bloomberg.net


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