Low rates for Spanish debt

THE OUTLOOK for Spain’s public finances received a boost yesterday as it sold €5.04bn in bills at the lowest borrowing rates in nearly two years.

Yields on 12-month notes declined to just 1.418 per cent, raising the majority of the funds.

On 18-month bills, the yield came in at just 1.711 per cent.

Spanish authorities have bolstered the amount of bills offered at recent auctions, as they seeks to take advantage of the waves of cheap cash that the European Central Bank has injected into the continent’s banking system.