Spanish yields soar in T-bill sale

<p> </p><p>Spain’s Treasury saw yields rise to painfully high levels on Tuesday when it sold three-month bills at an average yield of 5.11 per cent, more than double the rate when it sold the same paper last month at 2.292 per cent. Six-month bills averaged 5.227 per cent in the auction, up from 3.302 per cent last month. Germany is not for turning on how to save the euro RBI warns over bias in bank system Comment Accountability and the Bank of England A total of €2.98bn of bills were sold, close to the maximum target of €3bn, but the yields were the highest in 14 years. The Treasury sold €2.01bn of the three-months bills and the offer was 2.9 times subscribed. In six-month bills, €970m were sold with a bid-to-cover ratio of 4.9. Bond market investors have given Spain no relief despite the election victory on Sunday of Mariano Rajoy, the centre-right Popular party leader who has pledged further austerity and economic reforms once he becomes prime minister in December.</p>

Spanish yields soar in T-bill sale

  Spain’s Treasury saw yields rise to painfully high levels on Tuesday when it sold three-month bills at an average yield of 5.11 per cent, ...

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