Spain sold 3.0 billion euros of bonds on Thursday in the middle of the target range of 2.5-3.5 billion euros as borrowing costs declined.

The treasury sold 1.00036 billion euros of 4.4% coupon 2015 bonds with the average yield at 2.44% down from 2.966% on February 16; demand was strong with the bid to cover ratio of 4.96.

Spain also sold 976.18 million euros of 3.25% 2016 bond with the average yield of 3.374% down slightly from 3.376% at the March 01 auction; demand was strong with 4.03118 billion euros tendered, leaving the cover ratio at 4.13.

As for the 4.1% coupon 2018 bond, Spain allotted 1.0295 billion of 2.99461 billion tendered, with the cover ratio of 2.91 and the average yield at 4.193% decline from the February 16 auction at 4.832%.