Spain sells 3.8 billions bonds (Reuters) (03-03-2011)

Spain sold 1.15 billion euros worth of 2014 and 2.65 billion euros worth of a 2016 issue on Thursday being at the top end of the Treasury's 3 billion to 4 billion euro target.

The average yield on the 2014 bond was 3.592 percent, while it was 4.389 percent on the 2016 paper. That compared with 3.254 percent and 4.045 percent respectively on similar three and five-year issues auctioned on Feb. 3.

The 2016 bond was last issued on Jan. 13 and the yield was 4.542 percent. The 2014 paper was originally a 15-year issue last auctioned in 2009.

The bid-to-cover ratio was 3.0 on the shorter dated bond, and the 2016 bond was 2.2 times subscribed after being subscribed 2.1 times in January.

Source: Reuters