Spain's borrowing costs continued to increase at a debt sale on Tuesday as the economy returned to recession in the first quarter, worsening investors' concern that the country would seek a bailout.
The Spanish Treasury raised EUR 1.9 billion of treasury bills against the target of EUR 1 billion to EUR 2 billion.
The agency sold EUR 725 million of the 3-month paper at an average yield of 0.634 percent, which was higher than 0.381 percent in an auction on March 27. The bid-to-cover ratio, which indicates demand, rose to 7.6 from 3.5.
The country placed EUR 1.2 billion 6-month debt at an average yield of 1.580 percent, up from 0.836 percent paid in March. Demand was 3.25 times the offer, down from 5.6 in the previous sale.
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