Eurozone Watch: Stubborn yields underscore Spain’s ‘fragility’

The latest auction of Spanish bonds gives a mixed outlook, with better-than-expected levels of issued debt offset by stubbornly high yields

Spain’s auction of three and 10-year bonds offered a mixed picture this morning, with positive signals on size offset by continuing high yields.

Spain exceeded its €4.5bn target with the auction, placing €4.8bn of bonds with investors, though demand was heavily skewed towards the short end, with just under €4bn sold in three-year notes.

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