Spain pays lower interest rates in bond auction raising $5.83, despite Cypriot crisis

Published March 21, 2013

| Associated Press

Spain has paid lower interest rates in a bond auction that raised 4.5 billion euros ($5.8 billion), suggesting the financial crisis in Cyprus is not affecting other troubled eurozone nations.

The Treasury said it sold 2.33 billion euros in 10-year bonds at an average interest rate of 4.89 percent, down from 4.92 percent at the last such auction Feb.7.

It sold 1.03 billion euros in five-year bonds at a rate of 3.56 percent, compared with 3.57 percent last month. It paid 2.28 percent to sell 1.16 billion euros in two-year bonds, down from 2.54 percent Feb. 21.

Thursday's sale follows a similarly encouraging one in Portugal the day before and indicates frail eurozone nations have so far avoided being destabilized by Cyprus' crisis.

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