Spain's Treasury has sold €3.99 billion ($5.15 billion) in medium term debt at mostly lower interest rates as investors wait for the government to decide whether it will seek a financial bailout.

The Treasury auctioned off €710 million in five-year bonds Thursday on an average interest rate of 4.76 percent, down from 6.45 percent in the last such auction July 19.

It sold €1.99 billion in bonds maturing in 2015 at a 3.95 percent yield, compared with 3.85 percent. It placed €1.28 billion in 2014 bonds at 3.28 percent, down from 5.02 percent.

Prime Minister Mariano Rajoy will hold talks Friday in Malta on the sovereign debt crisis with his French and Italian counterparts, Francois Hollande and Mario Monti, while they attend a Mediterranean nation meeting.