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Interest rate up sharply in key Spanish bond sale

Source: Associated Press - Thu 16th Dec 2010

Spain is having to pay sharply increased interest rates to borrow 2.4 billion Euros from bond markets as investors remain cautious about a downgrade and financial difficulties.

The central bank said Thursday the treasury sold 1.8 billion Euros in 10-year bonds at an average interest rate of 5.4%, up from 4.6% in the last such auction Nov. 18.

It was obliged to pay a rate of 6% to sell 618 million Euros in 15-year bonds, up from 4.5% in October.

Demand was strong, however, almost double the amount on offer for the 10-years and almost triple the sum for the 15-years.