Spain auctioned today a total of 4.88 billion euros of bonds in 12 and 18 months maturity, where despite the strong drop in yields and high demand and they sold near the maximum target as the Treasury aimed to raise between 4.0 and 5.0 billion euros.

The Treasury sold 1.9 billion of 18-month bills with the average yield down to 2.399% from 4.226% at the previous auction on December 13. The bid-to-cover ratio was a strong 3.23 times though down from the previous 4.97 times at the previous auction.

As for the 12-month bills the Treasury sold a total of 3.0 billion euros with the average halved at 2.049% from 4.050% at the December 13 auction while the cover ratio was 3.54 times compared to 3.14 times at the previous auction.