Investing

Spain Yields Fall

The government of Spain received some good news. The country raised $3.6 billion in the capital markets, and rates fell sharply in the process. The yield on 12-month bills had an average interest rate of 3.9%, compared to 5.07% in…

By Douglas A. McIntyre
Published July 17, 2012, 6:43am ET · 1 min read

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The government of Spain received some good news. The country raised $3.6 billion in the capital markets, and rates fell sharply in the process. The yield on 12-month bills had an average interest rate of 3.9%, compared to 5.07% in the auction on June 19. Markets may believe that Spain is very close to a huge bailout that could be well over $100 billion, much of which will go directly to its hobbled banks.

Rating agencies have not been kind to Spain recently, although the market has shrugged that off for now. Spain’s sovereign paper, the bonds of many of its states, and its major banks have all been downgraded in the past two weeks. Spain has delayed by a year the point at which it will reach its critical budget reduction goals. And unemployment remains above 24%. The markets have forgotten about much of that, at least for a day.

Douglas A. McIntyre

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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