Spain sells €4.94 billion in bonds, yields fall

MADRID (MarketWatch)
The Spanish Treasury sold €4.94 billion ($6.51 billion) of 12- and 18-month paper on Tuesday, more than it had originally intended and with yields down from similar sales in the prior month. The Treasury had originally intended to raise €3.25 billion to €4.25 billion.
For the 12-month auction, it sold €3.44 billion at an average rate of 4.05%, down from 5.02% in November.
The bid-to-cover ratio was 3.14 times, up from 2.13 in November.
An auction of €1.5 billion of 18-month notes produced an average yield of 4.2%, down from 5.2% in November.
The auction was covered 4.97 times, which was down from 5.96 times in the prior sale.