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Almost &euro5 billion raised in today at an auction of Spanish bonds

Tue 16th Nov 2010

At an auction earlier today Spain managed to raise €4.975 billion for 12 and 18 month bonds but needed to offer higher interest rates due to investors demanding higher returns due to concerns over euro zone debt levels.

Spain's treasury reported that it sold €3.7 billion from the 12-month bonds at an average yield of 2.363%, compared to 1.842% when the securities were sold almost a month ago.

It alsomanaged to raise €1.2 billion from the 18-month bonds at an average yield of 2.664%, compared to 2.009% during the same auction last month.

Other data revealed today showed how the slight economic recovery, seen ealier on this year following 2 years of recession, has once again stopped due partly to the austerity reforms.

The INE(National Statistics Institute)also reported how Spain's gross domestic product has not increased at all between the second and third quarters of 2010.

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