Spain has successfully raised €2.2 billion (£1.7 billion) in a debt auction that saw strong investor demand, though it had to pay sharply higher interest rates due to concern that the country may eventually need a bailout.
The auction came before two auditing firms are to report on how much Spain's troubled banks may need in bailout money.
The Treasury sold €602 million in five-year bonds at an average interest rate of 6.07 percent, up from 5.4 percent in the last such auction June 7. It sold €918 million in three-year bonds at 5.46 percent, up from 4.3 percent, and €699 million in two-year bonds.
Overall, demand was between three and four times the amount on offer, indicating strong investor interest.
AP
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies