Eurozone Watch: Auction reprieve for Spain

In a difficult week for Spain the latest government bond auction was well covered – but higher yields meant that pressure remained high

In what has been a difficult week for Spain, with its budget minister publicly calling for European support for the country’s banks, today’s bond auction was a rare bit of neutral, if not good, news.

The Tesoro sold €2.07bn across two, four and 10-year bonds, just exceeding the €2bn target, and demand on all three elements was higher than at the last auction.

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