Spain sells off 10-year bonds

Ben Southwood
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SPAIN was unable to sell all the bonds it wanted to in a sale of 10-year paper yesterday, but still saw big drops in bond yields.

The Spanish treasury managed to shift €4.3bn out of the €3.5bn (£2.17bn) to €4.5bn of 10-year bonds it had planned to sell, but this did not stop yields falling to 5.29 per cent at this auction, down from 5.46 per cent at the last auction, and more than seven per cent during the turbulent summer.

But less optimistic was the rise in the spread over German debt, bringing it to 400 basis points.