SPAIN?S Treasury paid the highest average yield since the birth of the euro to issue 12-month bonds on Tuesday in a key test of investor appetite for debt from a country many believe will soon be forced to apply for international aid.
Madrid issued ?3bn of 12- and 18-month bills, at the top end of its target.
The yield for the longer-dated paper was the highest since November when election uncertainty in Spain and global market jitters pushed yields on the same bill to 14-year highs.
The Treasury sold ?2.4bn of the 12-month bonds at an average yield of 5.074pc, compared with 2.985pc at the last auction for debt of this maturity in May.
The paper was 2.2 times subscribed compared to 1.8 last month.
Spain sold ?639m of 18-month paper at an average yield of 5.107pc after 3.302pc last month, with bid-to-cover ratio at 4.4, up from 3.2 in May.
Spain faces a harsher test of investor appetite on Thursday when it auctions up to ?2bn maturing in April 30, 2014, July 30, 2015 and July 30, 2017.
? Reuters
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