Spain Debt Costs Drop as Markets Bet on ECB Action

Spain's short-term debt costs dropped sharply from a month earlier at auction on Tuesday as investors bet on European Central Bank intervention in bond markets, though uncertainty over the details meant yields remained punishingly high.

The Treasury sold 4.5 billion euros [EUR=X 1.247 0.0127 (+1.03%) ] ($5.6 billion) of 12- and 18-month T-bills, at the top end of its target of between 3.5 billion and 4.5 billion euros, though demand was mixed.

Average yields fell to 3.070 percent on the 12-month bill from 3.918 percent in July, with 3.5 billion euros of the paper sold.

The bid-to-cover was 1.9 after 2.2 last month.

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- Posted: 2012-08-21 16:50:14

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