Spanish two-year notes stayed higher after the nation sold 4.5 billion euros ($6 billion) of bonds maturing in 2014, 2015 and 2016, meeting its maximum target for the auction.

Two-year note yields were 10 basis points lower at 2.23 percent at 9:58 a.m. London time. Ten-year yields were nine basis points lower at 4.90 percent.

The bid-to-cover ratio on the 4 percent bonds maturing in July 2015 was 2.37, compared with 2.19 when they were sold on Feb. 16. The amount of 2016 bonds was covered 2.59 times over, compared with 3.24 times on Jan. 19.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net