Spain sold today 6.0 billion euros of debt strong above the maximum target set at 3.5 billion euros and the yields remained slightly lower after the strong demand seen at the auction with the 10-year yields down 16 bp at 5.456% at this time.

Spain sold 2.45 billion euros of 2016 bonds at an average yield of 4.02% with demand exceeding the supply as the bid-to-cover ratio was 1.99 times.

The nation also sold 2.176 billion euros of 2020 bonds at an average yield of 5.239% with demand also above support as the bid-to-cover ratio was 1.52 times.

The strongest demand was seen for the 2021 bonds with the cover ratio of 2.16 as the government allotted 1.4 billion euros from the tendered 3.0297 at an average yield of 5.545%.