Spain easily sold 3.1 billion euros ($3.8 billion) of debt at auction on Thursday, but low investor expectations of decisive action by the European Central Bank forced the country to pay higher yields than a month earlier on its 10-year bonds.
The Treasury had planned to sell between 2 and 3 billion euros.
The Treasury raised 1 billion euros of the longer-dated, benchmark bond, due January 31, 2022, at an average yield of 6.647 percent compared to 6.43 percent when it was last sold in the primary market on July 5.
Demand was lower than the previous auction, with bid-to-cover ratio at 2.4 compared to 3.2 a month earlier.
A bond due July 30, 2014 sold 1.1 billion euros at a yield of 4.774 percent and bid-to-cover of 3.0. The same bond was last sold at a primary auction in March, 2011, at an average yield of 3.592 percent.
A bond maturing October 31, 2016 sold at a yield of 5.971 percent, after 5.536 percent July 5. The Treasury sold 1 billion euros of the paper which was 2.7 times subscribed compared to 2.6 times last month.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
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