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Strong demand at Spanish debt auction

The Spanish Tesoro Público held a debt auction on Thursday during which it sold a total of 5.039 billion euros worth of 2- and 5- month and 10-year Letras, at the top end of the maximum target of 4-5 billion euros.

569 million euros of bonds maturing in 2015 were auctioned at an average yield of 2.63%, compared with 2.54% seen at the previous auction. 2030 million euros worth of bonds maturing in 2018 were sold at an average yield of 3.57%, much lower than the previous 4.27%. Finally, 2440 million of bonds maturing in 2023 yielded 4.91%, compared with the previous 5.20%.

Following the auction the Spanish risk premium fell 348 points.

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