Spanish borrowing costs fall at short-term debt auction

Spain sold 5.83 billion euros of short-term debt on Tuesday, meeting the top of the 4.5-5.5 target range.

1.98 billion euros of 6-month Letras were sold at an average yield of 0.794% vs the previous 0.859%. The bid to cover ratio was 3.2 compared with 2.9.

The average yield on the 12-month bills was 3.85%, down from 1.548% seen at the previous auction. The bid to cover ratio was 1.9 vs 2.0.