Spanish government sells three year bonds
The Spanish goverenment sold three-year bonds this morning at an average yield of 3.568pc, just below an average yield of 3.592pc at an auction of a three-year bond a month ago. This could mean that investors are less concerned about the possibilty of default.
Demand was 1.79 times the amount offered, compared with 3.04 times on March 3, and the amount sold compared with a maximum target of 4.5 billion euros, total issue was 4.13 billion euros ($5.9 billion)
The gap between Spanish and German 10-year borrowing costs was unchanged from yesterday after the sale at 180 basis points.
