Spanish meets top end of target at bond auction

The Spanish Tesoro Público held a debt auction on Tuesday during which it sold a total of 4 billion euros worth of 3- and 9- month Letras, meeting the target of 3-4 billion euros.

0.89 billion euros of 3-month bonds were auctioned at an average yield of 0.421%, compared with 0.441% seen at the previous auction. The bid-to-cover ratio was 5.76 vs 4.18 at the January sale. The 9-month bonds were sold at an average yield of 1.144%.