The Spanish Treasury sold 3-month and 6-month bills today on strong demand and lower yields, where Spain sold as much as 3.7 billion euros of 3-month bills on 1.735% yields, down from 5.11% an auction earlier, while demand for the Spanish debt was 2.9 times the quantity offered compared with the previous of 2.8%.

In addition, Spain also sold 1.92 billion euros of 6-month bills, producing yields of 2.435% compared with the prior of 5.227%, while the bid-to-cover ratio was 4.1 times down from 4.9 times recorded in the November auction.

We note than Spain sold bonds more than targeted after witnessing lower than expected yields, where the Treasury sold as much as 5.62 billion euros compared with the targeted sales of 3.5 to 4.5 billion euros.