Spain's borrowing costs fall at auction

Talk that the European Central Bank will buy sovereign debt on the open market has lifted the mood on bond markets.

21st August, 2012
Spain's borrowing costs fall

Spain's borrowing costs fell at a debt auction this morning, despite talk of a new bailout.

Madrid's Treasury sold €4.5 billion in 12-month bills today, for a yield of 3.07 per cent compared with 3.9 per cent in the last sale in July.

The yield on Spain's benchmark ten-year bond was at 6.25 basis points at 11 am, sharply down from a record high of 7.75 per cent hit on July 25th.

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