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Spain beats target at bill auction, yields jump
June 18, 2013 / 9:07 AM / 4 years ago

Spain beats target at bill auction, yields jump

Traders talk at Madrid's Bourse August 6, 2012. REUTERS/Susana Vera

MADRID (Reuters) - Spain beat the top end of its targeted amount at a short-term debt auction on Tuesday, though financing costs jumped from previous record lows on investor concerns over global liquidity.

The Treasury sold 5.04 billion euros ($6.73 billion) of 6- and 12-month bills compared to target range of 4 billion to 5 billion euros.

The 6-month bill sold 1.09 billion euros at an average yield of 0.821 percent compared to 0.492 percent last month, at a bid-to-cover ratio of 3.8 after the bill was 4.7 times subscribed in May.

The 12-month bill, which sold 3.95 billion euros, fetched a yield of 1.395 percent after 0.994 percent in May. The bill was 2.1 times subscribed after 2 times last month. ($1 = 0.7492 euros)

Reporting By Paul Day; Editing by Clare Kane

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