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Spain Borrowing Costs Rise Again

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.

by RTT Staff Writer

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