Spain sells $5.34 billion of short-term debt at an affordable cost, demand solid too
{{#rendered}} {{/rendered}}Spain has managed to raise €4 billion ($5.34 billion) at an affordable cost in another sign that investors are more confident about the government's handling of its finances.
The Treasury says Tuesday it sold €3.1 billion in new nine-month bills Tuesday at a yield of 1.14 percent.
It also sold €886 million in three-month bills at an average rate of 0.42 percent, compared with 0.44 percent in the last such auction Jan. 22.
{{#rendered}} {{/rendered}}Spain's borrowing costs have fallen in recent months as fears the country might need a bailout have receded.
Demand was five times the amount offered for the three-month bills and 2.3 times for the new bills.
The country is in the throes of its second recession in three years with unemployment at 26 percent.