Bloomberg News

Spanish Two-Year Notes Erase Advance After Government Bill Sale

March 27, 2012

Spanish two-year note erased an advance after the nation sold 2.58 billion euros of three- and six-month bills compared with a maximum target of 3 billion euros.

The yield on the securities was little changed at 2.45 percent as of 9:46 a.m. London time. It earlier fell as much as two basis points.

The bid-to-cover for the three-month debt was 3.51, the Bank of Spain said, compared with 4.04 when the securities were last sold on Feb. 21. Demand for the six-month bills was 5.56 times the amount sold, compared with 10.2 last month.

The average three-month yield was 0.381 percent, compared with 0.396 percent in February and the average rate on the six- month bills was 0.836 percent, compared with 0.764 percent last month.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net


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