Demand for Spanish short-term debt declined, while the country's borrowing costs continued to climb at an auction on Tuesday indicating increasing concern among investors regarding the prospects for the economy.
The auction came just a day after rating agency Moody's downgraded 28 Spanish banks even as the government submitted a formal request for a bailout from the European Union.
The Spanish Treasury raised EUR 3.08 billion from the sale of its 3- and 6-month bills. The target set for the auction was between EUR 2 billion and EUR 3 billion.
The agency sold EUR 1.60 billion of the 3-month paper and EUR 1.48 billion of the 6-month debt. Yield increased for both securities from the previous sale on May 22.
Meanwhile, the bid-to-cover ratio for the 3-month T-bill fell to 2.60 from 3.95 in May. The ratio reflects demand for the debt. Investors bid 2.80 times for the 6-month bill, down from 4.30 times in the previous sale.
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