Spain Bond Auction’s Minor Success
May 3, 2012 by Douglas A. McIntyreThe government of Spain got lucky. The international capital markets ignored its high unemployment and recession. And, maybe Spain’s banks and other financial institutions interested in the survival of the country were aggressive buyers. Spain planned to raise over 2 billion euros in debt. The amount sold was more than that–2.5 billion.
Reuters reports
It sold 979 million euros worth of bonds maturing in July 2015 with a 4.0 percent coupon, 764 million euros worth of bonds maturing in January 2017, with a 3.8 percent coupon and 773 million euros worth of bonds maturing in July 2017, with a 5.5 percent coupon.
As other financially weak countries in the region have discovered a little more bad news could turn rates higher within a matter of days. Concerns about austerity and growth have kept the market fickle
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