Spain today saw a strong decline in borrowing costs as the Treasury raised 10 billion euros of three different bond auctions, which was double its set target of 5.0 billion euros as the strong demand and drop in costs supported the appetite.

Spain sold 4.27 billion euros of 4.0% three-year bonds which saw strong demand as the bid-to-cover ratio was 1.8% and the average yield was 3.384%.

The nation also auctioned 2.5 billion euros of 3.25% bonds due April 30, 2016 at an average yield of 3.74% down from 4.871% the previous action on July 07, and saw strong demand with 2.21 cover ratio.

As for the 4.25% October 31, 2016 bond Spain allotted 3.21 billion with the cover ratio of 1.71 with the average yield of 3.912% down from 4.848% in the November auction.