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Spain sells more treasury bills than planned at lower borrowing costs

English.news.cn   2012-12-12 02:30:06            

MADRID, Dec. 11 (Xinhua) -- The Spanish treasury on Tuesday sold 3.890 billion euros (5.057 billion U.S. dollars) of 12-month and 18-month treasury bills, more than planned, at lower borrowing costs.

The treasury had initially hoped to raise 2.5 billion to 3.5 billion euros.

A total of 2.390 billion euros' worth of 12-month bonds was sold at an average interest rate of 2.556 percent, lower than the 2.797-percent level at the previous auction in November.

The remaining 1.500 billion euros of bonds had an 18-month lifespan and the average interest rate went down to 2.778 percent from the 3.034 percent at the previous auction.

The Spanish risk premium, the spread between Spanish government bonds and their German equivalent, climbed up from 416 points to 437 points in early trading on Monday before ending the day at 426 points.

Tuesday morning saw the risk premium climb to 457 points in early trading but decreased to 419 points later as a result of the bond auction. (1 euro = 1.30 U.S. dollars)

Editor: yan
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