Spain Expands Short-term Debt Auction, Winning Yields for Three- and Nine-Month Bonds Both Rise

⑴ Spain auctioned approximately 940 million euros of three-month Treasury bills today, with a bid-to-cover ratio of about 3.1 times, higher than the previous 2.8 times. The average winning yield was about 2.456%, up from the previous 2.387%. ⑵ The nine-month Treasury bill auction amounted to approximately 1.48 billion euros, with a bid-to-cover ratio of about 2.7 times, slightly lower than the previous 3.0 times. The average winning yield was about 2.776%, higher than the previous 2.605%. ⑶ The auction amounts for both the three-month and nine-month terms were higher than the previous levels, with the three-month bills increasing from about 860 million euros to about 940 million euros, and the nine-month bills rising from about 1.2 billion euros to about 1.48 billion euros, indicating overall steady market demand.