MADRID: Spain sold 3.1 billion euros ($3.7 billion) of debt at a triple bond auction on Thursday, with benchmark rates slightly higher than last week ahead of the European Central Bank meet where it is expected to reaffirm its policy stance.
The Treasury had aimed to sell between 3 billion and 4 billion euros of debt at the auction, the last scheduled sale of public debt this year.
The benchmark 10-year, due Oct 31, 2027, sold 1.2 billion euros at an average yield of 1.488 percent and a bid-to-cover, a measure of demand, of 2.0. That compared to an average yield of 1.410 when the bond last sold Dec. 7.
The Jan. 31, 2021 bond sold 1.0 billion euros at a yield of -0.005 percent, compared to -0.022 percent at the previous auction mid-November, and with demand outstripping supply by 2.3 times, after 2.6 times previously.
The July 31, 2032 bond sold 893.2 million euros at 1.943 percent and a bid-to-cover of 1.6, compared to 1.925 percent and 1.5 when it last sold in June.