Spanish Two-Year Notes Stay Higher After Auction; Yield 3.69%

Spanish two-year notes stayed higher after the nation’s borrowing costs fell as it sold 3.6 billion euros of 84- and 168-day bills.

The two-year rate was five basis points lower at 3.69 percent as of 9:46 a.m. London time, dropping for the first time in five days.

Spain sold 1.9 billion euros of the 168-day bills at an average yield of 2.026 percent, down from 3.691 percent at a similar sale on July 24. The rate on the 84-day bill was 0.946 percent, compared to 2.434 percent in July.

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

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