Spain Completes a Successful Bond Auction With Yields Falling a Bit

“Spain sold 3.56 billion euros ($4.4 billion) of bills, exceeding a target of 3.5 billion euros, and borrowing costs fell after the government announced its fourth austerity package to contain the region’s financial crisis.

The Treasury in Madrid sold 12-month bills at an average yield of 3.918 percent, compared with 5.074 percent at the last auction on June 19, and 18-month bills at an average rate of 4.242 percent, compared with 5.107 percent last month.”

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